Boyd Gaming Corporation (NYSE:BYD) Sees Significant Decrease in Short Interest
by Doug Wharley · The Cerbat GemBoyd Gaming Corporation (NYSE:BYD – Get Free Report) was the target of a large decrease in short interest during the month of March. As of March 31st, there was short interest totaling 3,247,160 shares, a decrease of 13.4% from the March 15th total of 3,749,544 shares. Based on an average daily volume of 965,258 shares, the short-interest ratio is currently 3.4 days. Currently, 5.6% of the shares of the stock are short sold.
Insider Buying and Selling at Boyd Gaming
In other Boyd Gaming news, insider Stephen S. Thompson sold 19,530 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the completion of the transaction, the insider owned 22,009 shares of the company’s stock, valued at $1,839,732.31. This represents a 47.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William R. Boyd sold 30,000 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $84.84, for a total transaction of $2,545,200.00. Following the completion of the sale, the director owned 1,930,447 shares in the company, valued at approximately $163,779,123.48. This trade represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 73,454 shares of company stock valued at $6,231,827 in the last 90 days. Insiders own 22.82% of the company’s stock.
Hedge Funds Weigh In On Boyd Gaming
Several hedge funds have recently added to or reduced their stakes in the company. Altshuler Shaham Ltd purchased a new stake in Boyd Gaming in the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC purchased a new stake in Boyd Gaming in the 4th quarter valued at about $25,000. Advisors Asset Management Inc. boosted its position in Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after buying an additional 196 shares during the period. First Horizon Corp purchased a new stake in Boyd Gaming in the 4th quarter valued at about $41,000. Finally, True Wealth Design LLC boosted its position in Boyd Gaming by 162.1% in the 3rd quarter. True Wealth Design LLC now owns 532 shares of the company’s stock valued at $46,000 after buying an additional 329 shares during the period. 76.81% of the stock is currently owned by institutional investors.
Boyd Gaming Trading Up 2.9%
NYSE:BYD traded up $2.51 during mid-day trading on Friday, hitting $87.76. 118,481 shares of the stock traded hands, compared to its average volume of 890,544. The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of 3.86, a PEG ratio of 1.81 and a beta of 1.19. Boyd Gaming has a 52 week low of $63.33 and a 52 week high of $89.96. The firm’s 50 day moving average is $83.35 and its two-hundred day moving average is $83.46. The company has a quick ratio of 0.52, a current ratio of 0.54 and a debt-to-equity ratio of 0.78.
Boyd Gaming (NYSE:BYD – Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $2.21 EPS for the quarter, beating the consensus estimate of $1.88 by $0.33. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%. The firm’s revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.96 EPS. On average, equities research analysts predict that Boyd Gaming will post 6.52 earnings per share for the current year.
Boyd Gaming Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 16th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date was Monday, March 16th. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.18. Boyd Gaming’s payout ratio is currently 3.52%.
Analyst Ratings Changes
Several analysts have recently issued reports on BYD shares. Mizuho set a $100.00 target price on shares of Boyd Gaming in a research report on Monday, February 2nd. Susquehanna decreased their target price on shares of Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Citigroup upped their target price on shares of Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company decreased their target price on shares of Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Truist Financial set a $110.00 target price on shares of Boyd Gaming in a research report on Tuesday, January 13th. Five equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $92.75.
Check Out Our Latest Stock Analysis on Boyd Gaming
About Boyd Gaming
Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.
Founded in 1975 by its namesake, William S.