Short Interest in Boyd Gaming Co. (BYD) Declines By 39.6%

Boyd Gaming Co. (NYSE:BYD) was the recipient of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 6,506,135 shares, a drop of 39.6% from the January 15th total of 10,763,617 shares. Approximately 8.1% of the shares of the stock are short sold. Based on an average daily volume of 1,437,617 shares, the short-interest ratio is presently 4.5 days.

In other news, VP William R. Boyd sold 100,000 shares of the stock in a transaction on Thursday, December 13th. The shares were sold at an average price of $24.19, for a total transaction of $2,419,000.00. Following the completion of the sale, the vice president now directly owns 23,505 shares in the company, valued at $568,585.95. The transaction was disclosed in a filing with the SEC, which is available at this link. 28.88% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in BYD. Geode Capital Management LLC increased its holdings in shares of Boyd Gaming by 8.3% in the 4th quarter. Geode Capital Management LLC now owns 870,604 shares of the company’s stock worth $18,090,000 after acquiring an additional 66,395 shares during the period. Stifel Financial Corp boosted its holdings in Boyd Gaming by 86.8% during the 4th quarter. Stifel Financial Corp now owns 24,238 shares of the company’s stock valued at $499,000 after acquiring an additional 11,261 shares during the period. Dimensional Fund Advisors LP raised its holdings in Boyd Gaming by 3.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 525,681 shares of the company’s stock worth $10,923,000 after purchasing an additional 18,256 shares during the period. Hsbc Holdings PLC raised its stake in Boyd Gaming by 152.1% in the fourth quarter. Hsbc Holdings PLC now owns 23,345 shares of the company’s stock worth $485,000 after buying an additional 14,083 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its stake in shares of Boyd Gaming by 6.8% in the 4th quarter. Great West Life Assurance Co. Can now owns 50,150 shares of the company’s stock valued at $969,000 after buying an additional 3,178 shares during the period. Institutional investors and hedge funds own 71.98% of the company’s stock.

Shares of NYSE BYD opened at $27.56 on Thursday. The company has a current ratio of 1.37, a quick ratio of 1.33 and a debt-to-equity ratio of 3.09. The company has a market cap of $3.08 billion, a P/E ratio of 26.76, a PEG ratio of 0.71 and a beta of 2.13. Boyd Gaming has a 1 year low of $18.98 and a 1 year high of $39.35.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Friday, December 28th were paid a $0.06 dividend. The ex-dividend date was Thursday, December 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.87%. Boyd Gaming’s dividend payout ratio (DPR) is presently 23.30%.

Boyd Gaming announced that its Board of Directors has approved a stock repurchase plan on Wednesday, December 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 3.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

BYD has been the subject of several recent research reports. Desjardins assumed coverage on shares of Boyd Gaming in a research report on Friday, October 19th. They issued a “buy” rating for the company. ValuEngine lowered Boyd Gaming from a “buy” rating to a “hold” rating in a research note on Tuesday, October 23rd. Telsey Advisory Group cut their price objective on Boyd Gaming from $35.00 to $31.00 and set a “market perform” rating on the stock in a research report on Friday, October 26th. Morgan Stanley set a $35.00 price target on shares of Boyd Gaming and gave the company a “hold” rating in a research report on Friday, October 26th. Finally, Barclays dropped their price target on shares of Boyd Gaming from $40.00 to $38.00 and set an “overweight” rating on the stock in a research report on Thursday, November 1st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $34.89.

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Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South. As of October 15, 2018, the company operated 29 gaming entertainment properties offering a total of 1.76 million square feet of casino space, approximately 38,000 gaming machines, 900 table games, 11,000 hotel rooms, and 320 food and beverage outlets located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

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