Boyd Gaming Co. (NYSE:BYD) Short Interest Up 7.7% in November

Boyd Gaming Co. (NYSE:BYD) was the recipient of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 2,790,000 shares, an increase of 7.7% from the November 15th total of 2,590,000 shares. Based on an average daily trading volume, of 806,800 shares, the short-interest ratio is presently 3.5 days. Currently, 4.3% of the company’s shares are sold short.

Boyd Gaming Stock Performance

BYD traded up $0.12 during trading on Tuesday, hitting $73.88. The stock had a trading volume of 1,021,295 shares, compared to its average volume of 903,016. The company has a 50 day moving average price of $70.48 and a 200-day moving average price of $62.45. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of 14.08, a P/E/G ratio of 9.93 and a beta of 1.54. Boyd Gaming has a one year low of $49.34 and a one 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be given 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 0.92%. Boyd Gaming’s payout ratio is 12.98%.

Boyd Gaming announced that its board has authorized a share repurchase plan on Thursday, December 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BYD shares. Barclays lifted their target price on Boyd Gaming from $70.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Truist Financial lifted their target price on Boyd Gaming from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Bank of America lifted their target price on Boyd Gaming from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Stifel Nicolaus lifted their target price on Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. lifted their target price on Boyd Gaming from $69.00 to $74.00 and gave the company a “neutral” rating in a research report on Friday. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Boyd Gaming has a consensus rating of “Moderate Buy” and a consensus price target of $91.64.

Insiders Place Their Bets

In other news, Director William R. Boyd sold 25,155 shares of Boyd Gaming stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $69.35, for a total transaction of $1,744,499.25. Following the transaction, the director now owns 1,487,970 shares in the company, valued at $103,190,719.50. The trade was a 1.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $75.68, for a total value of $49,948.80. Following the transaction, the director now owns 5,977 shares in the company, valued at $452,339.36. This trade represents a 9.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,364 shares of company stock worth $10,590,893. Insiders own 27.94% of the company’s stock.

Institutional Trading of Boyd Gaming

Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in shares of Boyd Gaming during the 2nd quarter worth $730,000. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Boyd Gaming by 36.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 4,514 shares of the company’s stock worth $249,000 after buying an additional 1,209 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Boyd Gaming by 58.2% during the 2nd quarter. Blue Trust Inc. now owns 783 shares of the company’s stock worth $43,000 after buying an additional 288 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Boyd Gaming by 15.6% during the 2nd quarter. Fifth Third Bancorp now owns 4,199 shares of the company’s stock worth $231,000 after buying an additional 566 shares in the last quarter. Finally, Burney Co. raised its holdings in shares of Boyd Gaming by 7.4% during the 2nd quarter. Burney Co. now owns 72,704 shares of the company’s stock worth $4,006,000 after buying an additional 5,028 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors.

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.