Golden Entertainment (NASDAQ:GDEN) Shares Up 5.8% – Here’s What Happened

Shares of Golden Entertainment, Inc. (NASDAQ:GDEN) rose 5.8% during mid-day trading on Monday . The company traded as high as $27.43 and last traded at $27.70. Approximately 22,176 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 186,763 shares. The stock had previously closed at $26.17.

Wall Street Analyst Weigh In

A number of research firms have commented on GDEN. JMP Securities reissued a “market outperform” rating and set a $36.00 price target on shares of Golden Entertainment in a report on Thursday, January 16th. Wells Fargo & Company initiated coverage on Golden Entertainment in a report on Monday, December 16th. They issued an “overweight” rating and a $38.00 price target on the stock. StockNews.com lowered shares of Golden Entertainment from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Jefferies Financial Group lifted their price objective on shares of Golden Entertainment from $31.00 to $32.00 and gave the company a “hold” rating in a research report on Friday, January 3rd. Finally, Macquarie restated an “outperform” rating and set a $40.00 target price on shares of Golden Entertainment in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.86.

Golden Entertainment Price Performance

The stock has a market capitalization of $720.70 million, a PE ratio of 21.92 and a beta of 2.29. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.75. The firm’s 50-day moving average price is $31.61 and its 200-day moving average price is $31.74.

Golden Entertainment Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 21st will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, March 21st. This represents a $1.00 annualized dividend and a yield of 3.68%. Golden Entertainment’s payout ratio is presently 59.88%.

Insider Buying and Selling

In related news, Director Terrence Wright sold 16,586 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $31.26, for a total value of $518,478.36. Following the sale, the director now directly owns 61,616 shares of the company’s stock, valued at $1,926,116.16. This represents a 21.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 29.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Victory Capital Management Inc. bought a new stake in shares of Golden Entertainment during the 3rd quarter worth approximately $875,000. Empowered Funds LLC increased its stake in Golden Entertainment by 5.0% in the third quarter. Empowered Funds LLC now owns 8,420 shares of the company’s stock worth $268,000 after purchasing an additional 402 shares during the period. Accredited Investors Inc. bought a new stake in shares of Golden Entertainment during the third quarter worth $374,000. Meeder Asset Management Inc. purchased a new stake in shares of Golden Entertainment during the third quarter valued at $42,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Golden Entertainment by 16.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 278,709 shares of the company’s stock worth $8,860,000 after purchasing an additional 38,385 shares during the last quarter. Hedge funds and other institutional investors own 70.73% of the company’s stock.

About Golden Entertainment

Golden Entertainment, Inc owns and operates a diversified entertainment platform in the United States. The company operates through four segments; Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming. It also operates casino, casino resorts, and taverns; and slot machines in third party non-casino locations.