LAS VEGAS—Christine J. Spadafor, a director at Boyd Gaming Corp . (NYSE:BYD (SZ:002594)), recently sold 660 shares of the company's common stock. The transaction, which took place on December 12, 2024, was executed at a price of $75.68 per share, amounting to a total sale value of $49,948. The sale occurred as the stock trades near its 52-week high of $76.73, following an impressive 38% gain over the past six months.
Following this transaction, Spadafor retains ownership of 5,977 shares of Boyd Gaming. The sale was conducted directly, as per the disclosure in the SEC filing. While this insider sale has attracted attention, it's worth noting that management has been actively buying back shares, demonstrating confidence in the company's prospects.
Boyd Gaming, headquartered in Las Vegas, operates in the hospitality sector, focusing on hotels and motels. The company has been a key player in the industry, with a diverse portfolio of properties across the United States. With a market capitalization of $6.5 billion and impressive gross profit margins of 62%, Boyd Gaming has demonstrated strong operational efficiency. According to InvestingPro analysis, the company appears slightly undervalued at current levels, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other top US stocks.
In other recent news, Boyd Gaming Corporation has boosted its share buyback program by an additional $500 million, bringing the total repurchase authority to approximately $843 million. The company also declared a quarterly cash dividend of $0.17 per share. In terms of recent developments, the company's third-quarter earnings call revealed a strong financial performance with property-level margins exceeding 39%. Expansion plans include the Sky River Expansion, Cadence Crossing Casino (EPA:CASP), and a casino in Norfolk, Virginia. The company also repurchased $202 million in stock and plans to maintain a leverage ratio of 2.5 times. Despite minor challenges such as a slight decrease in EBITDAR margins from 50% to 49% compared to the previous year, Boyd Gaming's disciplined approach to growth is evident. The company's diversification strategies, including recent acquisitions, are yielding positive results, with the online segment, in partnership with FanDuel, expected to increase EBITDAR guidance.
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