Director Christine J. Spadafor of Boyd Gaming Corp (NYSE:BYD (SZ:002594)) has sold a total of 1,874 shares of common stock at a price of $53.38 per share, resulting in a transaction value of over $100,000. The sale took place on May 22, 2024, as reported in a recent filing with the Securities and Exchange Commission.
The transaction appears to have been executed in a single trade, as per the provided information. Following the sale, it was noted that Spadafor still retains 2,338 shares held indirectly through a trust. Additionally, Spadafor directly owns 6,637 shares of Boyd Gaming's common stock.
It's worth noting that the shares sold by Spadafor were held by a trust, specifically the 2012 Trust UAD 6/1/12, for which she serves as a trustee. The remaining shares following the transaction suggest a continued investment in the company, despite the recent sale.
Boyd Gaming, a leading gaming and hospitality company, has not released any statements regarding this transaction. The details of the sale, including the number of shares and the price at which the transaction was effected, were confirmed by the reporting person to be available upon request for the SEC staff, the issuer, or a security holder of the issuer.
The sale was signed off by Uri Clinton, acting as Attorney-in-Fact for Christine J. Spadafor, on May 29, 2024. Investors often monitor insider transactions as they can provide insights into executives' confidence in the company's future performance.
InvestingPro Insights
In light of the recent insider transaction at Boyd Gaming Corp (NYSE:BYD), where Director Christine J. Spadafor sold shares worth over $100,000, it's pertinent to look at the company's financial health and market performance through the lens of InvestingPro metrics and tips.
Boyd Gaming's market capitalization stands at $4.8 billion, with a favorable P/E ratio of 8.95, which further adjusts to an even more attractive 7.39 when considering the last twelve months as of Q1 2024. This suggests a potentially undervalued stock, especially in comparison to industry peers. The company's gross profit margin is particularly impressive at 63.11%, highlighting its efficiency in managing costs relative to revenue.
InvestingPro Tips indicate that management has been actively buying back shares, a sign that could be interpreted as confidence in the company's value proposition. Additionally, the company boasts a high shareholder yield, which combines dividend payments and share repurchases to provide a fuller picture of the return to shareholders.
It's also worth noting that Boyd Gaming is trading near its 52-week low, with the price having fallen significantly over the last three months. While this could be cause for concern, the InvestingPro Tips suggest that the stock is currently in oversold territory, according to the Relative Strength Index (RSI), which may indicate a potential rebound opportunity for investors.
For those interested in a deeper dive into Boyd Gaming's financials and market performance, InvestingPro offers additional tips, including analysis on the company's profitability over the last twelve months and its high return over the last decade. In total, there are 12 more InvestingPro Tips available, which can be accessed at: https://www.investing.com/pro/BYD.
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