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

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

Wall Street Analysts Forecast Growth

GDEN has been the topic of several recent research reports. Jefferies Financial Group lifted their price objective on shares of Golden Entertainment from $31.00 to $32.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. Wells Fargo & Company began coverage on Golden Entertainment in a research report on Monday, December 16th. They set an “overweight” rating and a $38.00 price objective for the company. JMP Securities restated a “market outperform” rating and issued a $36.00 target price on shares of Golden Entertainment in a report on Thursday, January 16th. Macquarie reaffirmed an “outperform” rating and set a $40.00 target price on shares of Golden Entertainment in a report on Friday, February 28th. Finally, StockNews.com lowered Golden Entertainment from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.86.

Golden Entertainment Stock Performance

The company has a debt-to-equity ratio of 0.75, a current ratio of 1.11 and a quick ratio of 1.03. The firm has a market cap of $720.57 million, a P/E ratio of 21.92 and a beta of 2.29. The stock’s 50 day moving average is $31.44 and its two-hundred day moving average is $31.66.

Golden Entertainment Announces Dividend

The company 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. This represents a $1.00 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Friday, March 21st. Golden Entertainment’s dividend payout ratio is currently 59.88%.

Insider Buying and Selling

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

Hedge Funds Weigh In On Golden Entertainment

Large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new stake in shares of Golden Entertainment during the third quarter worth approximately $42,000. Lazard Asset Management LLC raised its position in shares of Golden Entertainment by 405.7% during the 4th quarter. Lazard Asset Management LLC now owns 1,871 shares of the company’s stock valued at $59,000 after acquiring an additional 1,501 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Golden Entertainment by 7.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,500 shares of the company’s stock valued at $143,000 after purchasing an additional 317 shares during the period. Two Sigma Securities LLC lifted its stake in shares of Golden Entertainment by 10.9% in the 4th quarter. Two Sigma Securities LLC now owns 7,219 shares of the company’s stock valued at $228,000 after purchasing an additional 709 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Golden Entertainment by 16.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,678 shares of the company’s stock worth $243,000 after buying an additional 1,085 shares during the last quarter. Institutional investors and hedge funds 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.