Sinclair Broadcast Group (SBGI) Upgraded by ValuEngine to “Hold”

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ValuEngine upgraded shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a sell rating to a hold rating in a research note published on Tuesday morning.

Other analysts also recently issued research reports about the company. B. Riley dropped their price objective on Sinclair Broadcast Group from $49.00 to $36.00 and set a buy rating on the stock in a research note on Tuesday, July 17th. Royal Bank of Canada dropped their price objective on Sinclair Broadcast Group from $38.00 to $34.00 and set a buy rating on the stock in a research note on Friday, August 10th. Stephens set a $35.00 price objective on Sinclair Broadcast Group and gave the stock a buy rating in a research note on Thursday, August 9th. Guggenheim started coverage on Sinclair Broadcast Group in a research note on Tuesday, October 16th. They issued a buy rating and a $40.00 price objective on the stock. Finally, TheStreet downgraded Sinclair Broadcast Group from a b- rating to a c+ rating in a research note on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $39.00.

Shares of SBGI traded down $0.37 during midday trading on Tuesday, reaching $31.40. The stock had a trading volume of 1,303,178 shares, compared to its average volume of 1,259,866. Sinclair Broadcast Group has a 52 week low of $25.13 and a 52 week high of $40.15. The company has a debt-to-equity ratio of 2.44, a quick ratio of 2.96 and a current ratio of 2.96. The company has a market capitalization of $3.21 billion, a PE ratio of 11.21 and a beta of 1.28.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings data on Wednesday, November 7th. The company reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.06. Sinclair Broadcast Group had a return on equity of 19.86% and a net margin of 19.98%. The company had revenue of $766.30 million for the quarter, compared to the consensus estimate of $752.56 million. During the same quarter in the previous year, the business earned $0.30 EPS. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, equities research analysts forecast that Sinclair Broadcast Group will post 2.44 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Friday, November 30th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, November 29th. This is a positive change from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.55%. Sinclair Broadcast Group’s payout ratio is 25.71%.

Institutional investors have recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Sinclair Broadcast Group during the second quarter worth $157,000. Exane Derivatives acquired a new stake in shares of Sinclair Broadcast Group during the third quarter worth $159,000. Cerebellum GP LLC acquired a new stake in shares of Sinclair Broadcast Group during the third quarter worth $193,000. PNC Financial Services Group Inc. raised its position in shares of Sinclair Broadcast Group by 114.4% during the third quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock worth $211,000 after purchasing an additional 3,959 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its position in shares of Sinclair Broadcast Group by 355.6% during the third quarter. Steward Partners Investment Advisory LLC now owns 8,200 shares of the company’s stock worth $232,000 after purchasing an additional 6,400 shares during the period. 77.24% of the stock is currently 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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