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LAS VEGAS—Keith Smith, President and CEO of Boyd Gaming Corp (NYSE:BYD (SZ:002594)), recently sold 30,000 shares of the company's common stock. The transactions, executed on November 22, were completed at a weighted average price of $72.15 per share, amounting to a total sale value of approximately $2.16 million. Following this sale, Smith retains direct ownership of 1,101,202 shares.
Additionally, Smith indirectly owns 325 shares through his spouse. This transaction was carried out in multiple trades, with prices ranging from $72.42 to $71.99, as detailed in the company's SEC filing.
In other recent news, Boyd Gaming Corporation reported a robust financial performance in its third-quarter earnings call. The company highlighted its property-level margins exceeding 39%, with strong market trends in Southern Nevada and significant progress on various expansion plans. These include the Sky River Expansion, Cadence Crossing Casino (EPA:CASP), and a Norfolk, Virginia casino. The company also repurchased $202 million in stock and plans to continue a $100 million quarterly share repurchase program.
In partnership with FanDuel, Boyd Gaming's online segment is expected to contribute to an increase in EBITDAR guidance. Despite minor setbacks such as a slight decrease in EBITDAR margins from 50% to 49% and the impact of hurricanes on some market areas, the company remains committed to disciplined growth and operational efficiency. The Midwest and South segment witnessed a record performance, particularly from the Treasure Chest Casino.
These are recent developments reflecting Boyd Gaming's navigation through a competitive landscape with strategic investments and a focus on maintaining a strong financial position. The company's expansion plans and online partnership with FanDuel are expected to contribute significantly to future growth.
InvestingPro Insights
Keith Smith's recent sale of Boyd Gaming Corp (NYSE:BYD) shares comes at a time when the company's stock is trading near its 52-week high, with a price at 97.61% of its peak. This aligns with an InvestingPro Tip indicating that BYD has seen a "Strong return over the last three months," with data showing a 20.83% price total return over that period.
The company's financial health appears robust, with InvestingPro Data revealing a market capitalization of $6.47 billion and an adjusted P/E ratio of 10.77, suggesting the stock may be reasonably valued compared to earnings. BYD's impressive gross profit margin of 61.96% for the last twelve months as of Q3 2024 supports another InvestingPro Tip highlighting the company's "Impressive gross profit margins."
Investors considering BYD might be interested to know that InvestingPro offers 11 additional tips for this stock, providing a more comprehensive analysis of its potential. These insights could be particularly valuable given the company's recent strong performance and the CEO's stock transaction.
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