Boyd Gaming Corporation (NYSE:BYD) Sees Large Decrease in Short Interest

Boyd Gaming Corporation (NYSE:BYD) was the recipient of a significant decline in short interest in the month of March. As of March 31st, there was short interest totaling 3,247,160 shares, a decline of 13.4% from the March 15th total of 3,749,544 shares. Approximately 5.6% of the shares of the company are short sold. Based on an average daily trading volume, of 965,258 shares, the days-to-cover ratio is currently 3.4 days.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, Director William R. Boyd sold 30,000 shares of the business’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $84.84, for a total value of $2,545,200.00. Following the sale, the director directly owned 1,930,447 shares in the company, valued at $163,779,123.48. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Josh Hirsberg sold 23,924 shares of the business’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $85.86, for a total value of $2,054,114.64. Following the completion of the sale, the chief financial officer owned 435,746 shares in the company, valued at approximately $37,413,151.56. The trade was a 5.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 73,454 shares of company stock worth $6,231,827 over the last ninety days. 22.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Boyd Gaming

Institutional investors have recently added to or reduced their stakes in the business. Altshuler Shaham Ltd bought a new position in Boyd Gaming in the 4th quarter worth about $25,000. Los Angeles Capital Management LLC bought a new position in Boyd Gaming in the 4th quarter worth about $25,000. Advisors Asset Management Inc. increased its stake in Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after acquiring an additional 196 shares during the last quarter. First Horizon Corp bought a new position in Boyd Gaming in the 4th quarter worth about $41,000. Finally, True Wealth Design LLC increased its stake in Boyd Gaming by 162.1% in the 3rd quarter. True Wealth Design LLC now owns 532 shares of the company’s stock worth $46,000 after acquiring an additional 329 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors.

Boyd Gaming Stock Performance

NYSE:BYD opened at $87.39 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54. Boyd Gaming has a 52-week low of $63.33 and a 52-week high of $89.96. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of 3.84, a PEG ratio of 1.80 and a beta of 1.19. The business’s fifty day moving average is $83.43 and its 200 day moving average is $83.44.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, February 5th. The company reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.33. Boyd Gaming had a return on equity of 30.14% and a net margin of 45.05%.The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the previous year, the company posted $1.96 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Research analysts predict that Boyd Gaming will post 6.52 EPS for the current year.

Boyd Gaming Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 16th were paid a $0.20 dividend. The ex-dividend date was Monday, March 16th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. This is an increase from Boyd Gaming’s previous quarterly dividend of $0.18. Boyd Gaming’s dividend payout ratio is currently 3.52%.

Analyst Ratings Changes

BYD has been the topic of several research reports. Citigroup boosted their target price on Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday. Truist Financial set a $110.00 target price on Boyd Gaming in a research note on Tuesday, January 13th. UBS Group set a $110.00 target price on Boyd Gaming in a research note on Wednesday, December 24th. Susquehanna lowered their target price on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Finally, Wells Fargo & Company lowered their target price on Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Thursday. Five investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $92.75.

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.