Sinclair Broadcast Group (SBGI) Downgraded to “Sell” at Zacks Investment Research

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Sinclair Broadcast Group (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “

A number of other equities analysts have also recently commented on the stock. ValuEngine raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Tuesday. Guggenheim initiated coverage on shares of Sinclair Broadcast Group in a research report on Tuesday, October 16th. They issued a “buy” rating and a $40.00 price objective for the company. BidaskClub raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Friday, October 5th. JPMorgan Chase & Co. initiated coverage on shares of Sinclair Broadcast Group in a research report on Wednesday, September 26th. They issued a “neutral” rating and a $32.00 price objective for the company. Finally, B. Riley cut shares of Sinclair Broadcast Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $36.00 to $33.00 in a research report on Thursday, September 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $39.00.

Shares of SBGI stock traded down $0.24 during trading hours on Wednesday, reaching $31.53. 463,626 shares of the stock were exchanged, compared to its average volume of 1,204,048. Sinclair Broadcast Group has a 12-month low of $25.13 and a 12-month high of $40.15. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 2.44. The stock has a market cap of $3.13 billion, a PE ratio of 11.26 and a beta of 1.28.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, November 7th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.06. Sinclair Broadcast Group had a net margin of 19.47% and a return on equity of 19.12%. The firm had revenue of $766.30 million during the quarter, compared to analysts’ expectations of $752.56 million. During the same period in the previous year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 18.9% compared to the same quarter last year. Sell-side analysts forecast that Sinclair Broadcast Group will post 2.44 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its holdings in shares of Sinclair Broadcast Group by 32.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,812,866 shares of the company’s stock valued at $90,435,000 after purchasing an additional 688,400 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Sinclair Broadcast Group by 33.9% in the 2nd quarter. Glenmede Trust Co. NA now owns 1,756,862 shares of the company’s stock valued at $56,484,000 after purchasing an additional 444,494 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Sinclair Broadcast Group by 9.6% in the 2nd quarter. BlackRock Inc. now owns 5,045,554 shares of the company’s stock valued at $162,215,000 after purchasing an additional 443,097 shares in the last quarter. Alpine Associates Management Inc. bought a new stake in shares of Sinclair Broadcast Group in the 2nd quarter valued at about $8,782,000. Finally, Capital Management Corp VA bought a new stake in shares of Sinclair Broadcast Group in the 2nd quarter valued at about $8,369,000. 77.24% of the stock is owned by institutional investors.

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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