Ted Bogich, Chief Operating Officer of Boyd Gaming Corp (NYSE:BYD (SZ:002594)), recently sold 25,194 shares of the company’s common stock. The shares were sold on October 31 at an average price of $69.28 each, amounting to a total transaction value of approximately $1.74 million. Following this sale, Bogich retains direct ownership of 64,424 shares in the company. The transaction was executed in multiple trades with prices ranging from $69.03 to $69.51.
In other recent news, Boyd Gaming Corporation reported robust financial results in its third-quarter earnings call. The company's property-level margins exceeded 39%, with significant growth in the Midwest and South segment, particularly from the Treasure Chest Casino. The company also highlighted its strategic expansion plans, including the Sky River Expansion and Cadence Crossing Casino.
Boyd Gaming's partnership with FanDuel is expected to boost the online segment's EBITDAR guidance. The company also reported a commitment to a quarterly share repurchase program, having already repurchased $202 million in stock. Capital expenditures for 2024 are estimated at $400 million to $425 million.
Despite a slight decrease in EBITDAR margins from 50% to 49% and the impact of hurricanes on some market areas, Boyd Gaming remains committed to disciplined growth and operational efficiency. The company's diversification strategies, including recent acquisitions, are yielding positive results. These developments offer a glimpse into Boyd Gaming's recent strategic moves and financial performance.
InvestingPro Insights
As Ted Bogich, COO of Boyd Gaming Corp (NYSE:BYD), offloads a significant portion of his shares, investors might be curious about the company's current financial standing and market position. Recent data from InvestingPro sheds light on BYD's performance and valuation metrics that could provide context to this insider sale.
BYD's stock has shown strong momentum, with InvestingPro data revealing a 19.17% price total return over the last three months and an impressive 29.47% over the past six months. This upward trend aligns with an InvestingPro Tip indicating that BYD has experienced a "Strong return over the last three months." Such positive performance might explain why the stock is trading at 95.04% of its 52-week high, suggesting investor confidence in the company's prospects.
From a valuation perspective, BYD's P/E ratio stands at 13.15, which is relatively modest for the gaming industry. This is complemented by an InvestingPro Tip highlighting BYD's "Impressive gross profit margins," which currently sit at a robust 61.85% for the last twelve months as of Q3 2024. This strong profitability metric could be a factor in the company's ability to maintain its dividend, which has seen a 6.25% growth over the same period.
It's worth noting that 13 analysts have revised their earnings upwards for the upcoming period, according to another InvestingPro Tip. This positive sentiment from analysts could indicate that despite the insider sale, there's optimism about BYD's future financial performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 7 more tips available, providing a deeper dive into BYD's financial health and market position.
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