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. “
Several other research firms also recently issued reports on SBGI. Evercore ISI reiterated a “hold” rating and set a $80.00 price objective on shares of Fortinet in a research note on Tuesday, May 7th. Benchmark boosted their price objective on shares of Sinclair Broadcast Group from $45.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. B. Riley boosted their price objective on shares of Airgain from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Wolfe Research upgraded shares of Sinclair Broadcast Group from an “underperform” rating to an “outperform” rating in a research note on Wednesday, April 3rd. Finally, ValuEngine downgraded shares of Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $48.67.
SBGI traded up $1.56 during trading on Tuesday, hitting $58.92. 1,780,140 shares of the company’s stock were exchanged, compared to its average volume of 1,392,686. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 2.66. Sinclair Broadcast Group has a 1 year low of $25.13 and a 1 year high of $66.57. The stock’s 50 day moving average is $54.03. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 17.59 and a beta of 1.15.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.16). Sinclair Broadcast Group had a return on equity of 20.45% and a net margin of 10.28%. The business had revenue of $722.10 million for the quarter, compared to analysts’ expectations of $707.94 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Sinclair Broadcast Group’s quarterly revenue was up 8.5% compared to the same quarter last year. Sell-side analysts forecast that Sinclair Broadcast Group will post 2.76 earnings per share for the current year.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $53.16, for a total value of $106,320.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Steven M. Marks sold 3,000 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $53.78, for a total transaction of $161,340.00. The disclosure for this sale can be found here. Insiders sold 18,250 shares of company stock valued at $1,017,345 over the last 90 days. Insiders own 29.24% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in Sinclair Broadcast Group by 1.6% in the fourth quarter. BlackRock Inc. now owns 5,190,505 shares of the company’s stock valued at $136,718,000 after acquiring an additional 82,886 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Sinclair Broadcast Group by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,181,634 shares of the company’s stock valued at $83,805,000 after acquiring an additional 27,711 shares in the last quarter. Norges Bank acquired a new stake in Sinclair Broadcast Group in the fourth quarter valued at $37,682,000. JPMorgan Chase & Co. raised its holdings in Sinclair Broadcast Group by 33.0% in the first quarter. JPMorgan Chase & Co. now owns 1,280,500 shares of the company’s stock valued at $49,274,000 after acquiring an additional 317,424 shares in the last quarter. Finally, AJO LP raised its holdings in Sinclair Broadcast Group by 964.8% in the first quarter. AJO LP now owns 1,136,315 shares of the company’s stock valued at $43,725,000 after acquiring an additional 1,029,595 shares in the last quarter. Institutional investors and hedge funds own 65.00% 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, sales, and other non-programming operating 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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