Convergence Investment Partners LLC Buys Shares of 32,811 Sinclair Broadcast Group, Inc. (SBGI)
Convergence Investment Partners LLC bought a new position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) during the second quarter, Holdings Channel reports. The firm bought 32,811 shares of the company’s stock, valued at approximately $1,079,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SBGI. Teachers Advisors LLC raised its position in Sinclair Broadcast Group by 1.2% in the fourth quarter. Teachers Advisors LLC now owns 132,783 shares of the company’s stock worth $4,428,000 after buying an additional 1,582 shares during the period. Independent Portfolio Consultants Inc. raised its position in Sinclair Broadcast Group by 2.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 2,575 shares of the company’s stock worth $104,000 after buying an additional 60 shares during the period. Strs Ohio raised its position in Sinclair Broadcast Group by 266.7% in the first quarter. Strs Ohio now owns 7,700 shares of the company’s stock worth $311,000 after buying an additional 5,600 shares during the period. Russell Investments Group Ltd. acquired a new position in Sinclair Broadcast Group during the first quarter worth $718,000. Finally, Emerald Advisers Inc. PA acquired a new position in Sinclair Broadcast Group during the first quarter worth $488,000. 76.91% of the stock is currently owned by institutional investors and hedge funds.
Shares of Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at 29.20 on Wednesday. Sinclair Broadcast Group, Inc. has a 52-week low of $24.15 and a 52-week high of $43.05. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 10.24 and a beta of 1.79. The stock’s 50 day moving average is $33.30 and its 200 day moving average is $36.17.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. The business had revenue of $679.30 million for the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.52 earnings per share. On average, equities analysts expect that Sinclair Broadcast Group, Inc. will post $2.01 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.47%. Sinclair Broadcast Group’s dividend payout ratio is presently 24.83%.
A number of research analysts have weighed in on SBGI shares. Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research note on Wednesday, April 19th. Benchmark Co. raised their target price on shares of Sinclair Broadcast Group from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, May 4th. ValuEngine lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating and decreased their target price for the stock from $48.00 to $37.00 in a research note on Thursday, May 11th. Stephens set a $46.00 target price on shares of Sinclair Broadcast Group and gave the stock a “buy” rating in a research note on Saturday, June 3rd. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $45.00 target price on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Sinclair Broadcast Group currently has a consensus rating of “Buy” and a consensus price target of $43.50.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total value of $69,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 28.20% of the stock is owned by corporate insiders.
Sinclair Broadcast Group Company Profile
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.
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