Josh Hirsberg, the Chief Financial Officer and Treasurer of Boyd Gaming Corp (NYSE:BYD (SZ:002594)), recently executed a significant stock transaction. On November 6, Hirsberg sold 21,549 shares of Boyd Gaming's common stock, with the transaction valued at approximately $1.54 million. The shares were sold at an average price of $71.43 each, according to a filing with the Securities and Exchange Commission.
In addition to the sale, Hirsberg also exercised stock options to acquire the same number of shares, 21,549, at a price of $19.98 per share. This transaction, however, did not affect his total holdings significantly, as he now owns 438,615 shares directly.
The filing also noted that Hirsberg's spouse holds an additional 20,500 shares indirectly. The transactions highlight Hirsberg's active management of his equity in the company, although he expressly disclaims beneficial ownership of any securities except those owned directly or to the extent of his pecuniary interest.
In other recent news, Boyd Gaming Corporation reported a strong third quarter, emphasizing its successful property-level margins and robust market trends in Southern Nevada. The company also highlighted significant progress on various expansion plans, including the Sky River Expansion, Cadence Crossing Casino (EPA:CASP), and a Norfolk, Virginia casino. The company's disciplined approach to growth was underscored by a commitment to a quarterly share repurchase program and a strategic focus on operational efficiency.
Boyd Gaming's property-level margins exceeded 39% and the company repurchased $202 million in stock, planning to continue a $100 million quarterly share repurchase program. The company's partnership with FanDuel is expected to increase EBITDAR guidance. However, EBITDAR margins are slightly down from 50% to 49% compared to the previous year.
These recent developments reflect Boyd Gaming's commitment to disciplined growth and operational efficiency. The company's diversification strategies, including recent acquisitions, are yielding positive results. Despite some challenges, such as the potential for natural disasters to impact business, Boyd Gaming is poised to continue its disciplined approach to growth and shareholder returns.
InvestingPro Insights
The recent stock transaction by Boyd Gaming's CFO Josh Hirsberg aligns with several key insights from InvestingPro. Boyd Gaming's stock is currently trading near its 52-week high, with a strong return of 32.67% over the last three months. This performance is reflected in the company's robust financial metrics, including a P/E ratio of 13.95 and an adjusted P/E ratio of 10.57 for the last twelve months as of Q3 2024.
InvestingPro Tips highlight that Boyd Gaming has been profitable over the last twelve months, with analysts predicting continued profitability this year. The company's impressive gross profit margins, which stand at 61.96% for the last twelve months as of Q3 2024, underscore its operational efficiency.
It's worth noting that 13 analysts have revised their earnings upwards for the upcoming period, suggesting positive sentiment about Boyd Gaming's future performance. This optimism is further supported by the company's strong revenue of $3.84 billion for the last twelve months as of Q3 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Boyd Gaming, providing a deeper understanding of the company's financial health and market position.
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