Golden Entertainment (NASDAQ:GDEN) Sets New 52-Week Low – Here’s What Happened

Golden Entertainment, Inc. (NASDAQ:GDEN) shares reached a new 52-week low during trading on Tuesday . The company traded as low as $27.25 and last traded at $27.32, with a volume of 22589 shares trading hands. The stock had previously closed at $27.77.

Analyst Ratings Changes

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

Golden Entertainment Price Performance

The company has a 50-day moving average of $32.02 and a 200-day moving average of $31.89. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.03 and a current ratio of 1.11. The stock has a market cap of $741.59 million, a price-to-earnings ratio of 22.57 and a beta of 2.29.

Golden Entertainment Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 21st will be given a $0.25 dividend. The ex-dividend date is Friday, March 21st. This represents a $1.00 dividend on an annualized basis and a yield of 3.57%. Golden Entertainment’s dividend payout ratio (DPR) is 59.88%.

Insider Buying and Selling at Golden Entertainment

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

Hedge Funds Weigh In On Golden Entertainment

A number of large investors have recently made changes to their positions in the stock. Deprince Race & Zollo Inc. acquired a new position in Golden Entertainment during the fourth quarter worth about $17,704,000. DAVENPORT & Co LLC boosted its position in shares of Golden Entertainment by 26.6% in the 4th quarter. DAVENPORT & Co LLC now owns 1,293,163 shares of the company’s stock worth $40,864,000 after buying an additional 271,782 shares in the last quarter. Millennium Management LLC grew its stake in Golden Entertainment by 885.9% in the 4th quarter. Millennium Management LLC now owns 171,302 shares of the company’s stock valued at $5,413,000 after acquiring an additional 153,927 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Golden Entertainment by 61.8% during the 4th quarter. Russell Investments Group Ltd. now owns 190,033 shares of the company’s stock valued at $6,005,000 after acquiring an additional 72,588 shares in the last quarter. Finally, Systematic Financial Management LP raised its position in Golden Entertainment by 24.5% during the third quarter. Systematic Financial Management LP now owns 352,227 shares of the company’s stock worth $11,197,000 after acquiring an additional 69,207 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.