Sinclair Broadcast Group (NASDAQ:SBGI) was downgraded by equities researchers at B. Riley from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday. They currently have a $33.00 price target on the stock, down from their previous price target of $36.00. B. Riley’s price objective indicates a potential upside of 14.78% from the company’s current price.
SBGI has been the topic of several other reports. ValuEngine upgraded shares of Sinclair Broadcast Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 15th. BidaskClub upgraded shares of Sinclair Broadcast Group from a “strong sell” rating to a “sell” rating in a research report on Friday, August 10th. Benchmark reiterated a “buy” rating and set a $52.00 target price on shares of Sinclair Broadcast Group in a research report on Thursday, May 10th. Finally, TheStreet downgraded shares of Sinclair Broadcast Group from a “b-” rating to a “c+” rating in a research report on Monday, August 6th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $40.91.
NASDAQ:SBGI opened at $28.75 on Thursday. The company has a debt-to-equity ratio of 2.44, a quick ratio of 2.96 and a current ratio of 2.96. Sinclair Broadcast Group has a one year low of $25.13 and a one year high of $40.15. The company has a market cap of $2.96 billion, a P/E ratio of 10.27 and a beta of 1.55.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, August 8th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.02 by $0.25. Sinclair Broadcast Group had a net margin of 19.47% and a return on equity of 19.12%. The business had revenue of $730.10 million for the quarter, compared to the consensus estimate of $715.55 million. During the same period last year, the company earned $0.43 EPS. The firm’s revenue was up 11.9% compared to the same quarter last year. analysts expect that Sinclair Broadcast Group will post 2.81 earnings per share for the current fiscal year.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, June 14th. The shares were sold at an average price of $32.26, for a total value of $64,520.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 29.24% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of Sinclair Broadcast Group in the 1st quarter worth approximately $151,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Sinclair Broadcast Group in the 2nd quarter worth approximately $157,000. Clinton Group Inc. acquired a new position in shares of Sinclair Broadcast Group in the 1st quarter worth approximately $211,000. Silvant Capital Management LLC acquired a new position in shares of Sinclair Broadcast Group in the 1st quarter worth approximately $221,000. Finally, Affinity Investment Advisors LLC acquired a new position in shares of Sinclair Broadcast Group in the 1st quarter worth approximately $247,000. Hedge funds and other institutional investors own 78.04% of the company’s stock.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through its local television stations.
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