In a recent transaction, William S. Boyd, a major shareholder of Boyd Gaming Corp (NYSE:BYD (SZ:002594)), has sold a significant number of shares in the company. Over the course of two days, Boyd disposed of a total of 96,167 shares of common stock, resulting in a total sale value of over $6 million.
The sales took place on March 13 and March 14, with the prices of the shares ranging between $62.1 and $63.12. On the first day, Boyd sold 63,464 shares at a weighted average price of $63.12, and on the following day, an additional 32,703 shares were sold at a weighted average price of $62.1. These transactions were executed in multiple trades, and the prices reported reflect the weighted average sale price for each day.
Following these transactions, Boyd still maintains a substantial stake in the company, holding 8,762,746 shares directly and indirectly through trusts. Notably, the shares sold were owned indirectly by Boyd, through a trust where he serves as the trustee, settlor, and beneficiary.
Investors often keep a close eye on insider transactions such as these, as they can provide insights into the perspectives of company executives and major shareholders on the stock's value and future prospects. Boyd Gaming Corp, with its headquarters in Las Vegas, Nevada, operates as a multi-jurisdictional gaming company.
The sales were disclosed in a filing with the Securities and Exchange Commission, which provides transparency on the transactions of company insiders. Boyd Gaming Corp's stock performance and the actions of its executives are closely monitored by the market, and such disclosures are an essential aspect of maintaining investor confidence.
As of the latest reports, Boyd Gaming Corp's shares continue to be publicly traded, with investors and analysts watching for any signs that might indicate the company's future direction and financial health.
InvestingPro Insights
As Boyd Gaming Corp (NYSE:BYD) navigates through a period marked by insider transactions, the market is keenly observing the company's financial metrics and management's confidence in its future. In light of recent events, a couple of InvestingPro Tips can shed light on the company's condition and potential outlook.
An InvestingPro Tip highlights that management has been aggressively buying back shares, which often signals confidence in the company's valuation and prospects. Additionally, Boyd Gaming Corp has been recognized for its impressive gross profit margins, indicating a strong ability to control costs and generate profits from its revenues.
From a financial data perspective, the most recent metrics from InvestingPro showcase a company with a solid market capitalization of $5,920M USD. The company's P/E ratio stands at a competitive 10.08, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at an even more attractive 8.61. This could suggest that the stock is reasonably valued when considering the company's earnings. Moreover, the gross profit margin during the same period was an impressive 63.82%, further underlining the company's profitability.
Investors considering Boyd Gaming Corp as a potential investment can find more InvestingPro Tips, with a total of 10 additional tips listed on the InvestingPro platform. These tips are designed to provide deeper insights into the company's performance and can be accessed at: https://www.investing.com/pro/BYD. For those looking to delve into these insights, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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