Insider Selling: Boyd Gaming Co. (NYSE:BYD) Director Sells 660 Shares of Stock

Boyd Gaming Co. (NYSE:BYD) Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $75.68, for a total transaction of $49,948.80. Following the completion of the transaction, the director now directly owns 5,977 shares in the company, valued at $452,339.36. This represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Boyd Gaming Trading Down 4.2 %

Shares of Boyd Gaming stock opened at $70.81 on Thursday. The stock has a market cap of $6.26 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. The firm has a fifty day moving average price of $70.85 and a 200 day moving average price of $62.65. Boyd Gaming Co. has a 1 year low of $49.34 and a 1 year high of $76.73. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.96%. Boyd Gaming’s payout ratio is currently 12.98%.

Boyd Gaming announced that its Board of Directors has approved a share repurchase program on Thursday, December 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Boyd Gaming

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its holdings in Boyd Gaming by 6,158.8% in the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock valued at $58,761,000 after acquiring an additional 894,383 shares during the period. Long Pond Capital LP purchased a new position in shares of Boyd Gaming during the 2nd quarter valued at approximately $20,440,000. Ariel Investments LLC lifted its stake in shares of Boyd Gaming by 12.5% in the 2nd quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock valued at $167,046,000 after purchasing an additional 335,984 shares during the period. American Century Companies Inc. boosted its holdings in Boyd Gaming by 19.7% during the second quarter. American Century Companies Inc. now owns 1,149,701 shares of the company’s stock worth $63,349,000 after buying an additional 189,226 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in Boyd Gaming by 4,816.4% during the third quarter. International Assets Investment Management LLC now owns 184,560 shares of the company’s stock valued at $119,320,000 after buying an additional 180,806 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BYD. Mizuho restated an “outperform” rating and set a $79.00 target price (up from $78.00) on shares of Boyd Gaming in a research note on Friday, October 25th. Argus upgraded Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research note on Tuesday. Wells Fargo & Company upped their price objective on shares of Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Morgan Stanley lifted their target price on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Bank of America upped their price target on shares of Boyd Gaming from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $91.64.

Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.