Insider Selling: Boyd Gaming (NYSE:BYD) CEO Sells 100,000 Shares of Stock

Boyd Gaming Corporation (NYSE:BYD) CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the transaction, the chief executive officer directly owned 996,981 shares in the company, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Boyd Gaming Stock Up 1.5%

BYD traded up $1.30 during trading on Thursday, hitting $88.24. The company had a trading volume of 966,615 shares, compared to its average volume of 955,613. The company has a market cap of $6.56 billion, a PE ratio of 3.87, a P/E/G ratio of 1.98 and a beta of 1.08. The business has a 50-day moving average of $83.90 and a 200-day moving average of $83.80. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. Boyd Gaming Corporation has a 1-year low of $72.71 and a 1-year high of $89.96.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.16). The company had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The company’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.62 earnings per share. As a group, analysts forecast that Boyd Gaming Corporation will post 7.32 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 annualized dividend and a yield of 0.9%. Boyd Gaming’s dividend payout ratio is currently 3.51%.

Boyd Gaming announced that its board has initiated a stock repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BYD shares. Citigroup upped their price target on shares of Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Weiss Ratings cut shares of Boyd Gaming from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 18th. Mizuho lowered their price target on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Wells Fargo & Company decreased their price target on shares of Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 16th. Finally, Susquehanna cut their price target on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $92.08.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors have recently modified their holdings of the stock. Blue Trust Inc. grew its position in shares of Boyd Gaming by 23.0% during the 1st quarter. Blue Trust Inc. now owns 653 shares of the company’s stock worth $54,000 after buying an additional 122 shares during the period. Assetmark Inc. grew its position in shares of Boyd Gaming by 9.1% during the 1st quarter. Assetmark Inc. now owns 1,553 shares of the company’s stock worth $128,000 after buying an additional 129 shares during the period. Optas LLC grew its position in shares of Boyd Gaming by 4.1% during the 1st quarter. Optas LLC now owns 3,486 shares of the company’s stock worth $286,000 after buying an additional 138 shares during the period. Alps Advisors Inc. grew its position in shares of Boyd Gaming by 2.7% during the 3rd quarter. Alps Advisors Inc. now owns 5,384 shares of the company’s stock worth $465,000 after buying an additional 141 shares during the period. Finally, Altshuler Shaham Ltd grew its position in shares of Boyd Gaming by 54.3% during the 1st quarter. Altshuler Shaham Ltd now owns 452 shares of the company’s stock worth $37,000 after buying an additional 159 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Company Profile

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.