Short Interest in Boyd Gaming Co. (NYSE:BYD) Grows By 10.0%

Boyd Gaming Co. (NYSE:BYD) was the recipient of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 2,200,000 shares, an increase of 10.0% from the January 15th total of 2,000,000 shares. Approximately 3.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 856,700 shares, the days-to-cover ratio is currently 2.6 days.

Boyd Gaming Stock Performance

Shares of BYD traded up $0.50 during mid-day trading on Friday, reaching $78.57. 951,791 shares of the company’s stock traded hands, compared to its average volume of 914,832. The business’s 50-day moving average price is $74.39 and its 200-day moving average price is $68.17. The stock has a market capitalization of $6.95 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 4.38 and a beta of 1.54. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. Boyd Gaming has a 12 month low of $49.34 and a 12 month high of $80.50.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Thursday, February 6th. The company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. Equities analysts predict that Boyd Gaming will post 6.57 earnings per share for the current year.

Boyd Gaming announced that its Board of Directors has approved a stock buyback program on Thursday, December 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were issued a dividend of $0.17 per share. The ex-dividend date was Monday, December 16th. This represents a $0.68 annualized dividend and a yield of 0.87%. Boyd Gaming’s payout ratio is 10.93%.

Analyst Ratings Changes

Several brokerages recently weighed in on BYD. Argus raised Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Tuesday, December 17th. Susquehanna raised their target price on Boyd Gaming from $69.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Jefferies Financial Group upgraded Boyd Gaming from a “hold” rating to a “buy” rating and lifted their price target for the stock from $73.00 to $92.00 in a research note on Friday, January 3rd. Wells Fargo & Company lifted their price target on Boyd Gaming from $82.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, Morgan Stanley lifted their price target on Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $95.00.

Insider Buying and Selling at Boyd Gaming

In related news, Chairman Marianne Boyd Johnson sold 50,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total value of $3,884,000.00. Following the transaction, the chairman now directly owns 1,346,628 shares of the company’s stock, valued at approximately $104,606,063.04. This trade represents a 3.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Keith Smith sold 30,000 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $71.77, for a total value of $2,153,100.00. Following the completion of the transaction, the chief executive officer now directly owns 1,131,202 shares in the company, valued at $81,186,367.54. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,660 shares of company stock worth $8,251,549. 27.94% of the stock is owned by insiders.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC grew its position in Boyd Gaming by 25.3% in the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company’s stock worth $3,062,000 after buying an additional 9,565 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Boyd Gaming by 11,891.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 62,117 shares of the company’s stock valued at $4,016,000 after acquiring an additional 61,599 shares in the last quarter. Weiss Asset Management LP purchased a new position in shares of Boyd Gaming during the 3rd quarter valued at $7,101,000. Quadrature Capital Ltd grew its holdings in shares of Boyd Gaming by 201.3% during the 3rd quarter. Quadrature Capital Ltd now owns 49,951 shares of the company’s stock valued at $3,229,000 after acquiring an additional 33,374 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Boyd Gaming by 47.4% during the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock valued at $33,000 after acquiring an additional 148 shares in the last quarter. Institutional investors own 76.81% of the company’s stock.

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.