Sinclair Broadcast Group, Inc. (SBGI) Cut to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) from a buy rating to a hold rating in a research note issued to investors on Saturday.
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 commented on SBGI. Benchmark Co. upped their price objective on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a buy rating in a report on Tuesday, August 1st. Wells Fargo & Company reiterated an outperform rating and issued a $55.00 price objective on shares of Sinclair Broadcast Group in a report on Monday, October 2nd. B. Riley upped their price objective on shares of Sinclair Broadcast Group from $43.00 to $45.00 and gave the company a buy rating in a report on Thursday, November 2nd. FBR & Co began coverage on shares of Sinclair Broadcast Group in a report on Tuesday, October 31st. They issued a buy rating and a $43.00 price objective on the stock. Finally, ValuEngine upgraded shares of Sinclair Broadcast Group from a hold rating to a buy rating in a report on Monday, October 2nd. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $44.82.
Sinclair Broadcast Group (NASDAQ SBGI) opened at $30.30 on Friday. Sinclair Broadcast Group has a fifty-two week low of $25.35 and a fifty-two week high of $43.05. The company has a market cap of $3,080.97, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 7.50 and a beta of 1.92. The company has a debt-to-equity ratio of 3.46, a current ratio of 2.65 and a quick ratio of 2.65.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, November 1st. The company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13). Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 24.41%. The company had revenue of $670.90 million during the quarter, compared to analyst estimates of $671.42 million. During the same quarter in the prior year, the firm earned $0.54 earnings per share. Sinclair Broadcast Group’s revenue for the quarter was down 3.3% on a year-over-year basis. equities research analysts predict that Sinclair Broadcast Group will post 2 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.72 annualized dividend and a yield of 2.38%. Sinclair Broadcast Group’s dividend payout ratio is 27.07%.
In related news, Director Howard E. Friedman sold 1,010 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the completion of the sale, the director now owns 10,990 shares of the company’s stock, valued at $351,460.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 28.20% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Sinclair Broadcast Group by 23.3% during the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock worth $247,078,000 after purchasing an additional 1,152,147 shares during the period. Schwab Charles Investment Management Inc. lifted its position in Sinclair Broadcast Group by 74.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 910,582 shares of the company’s stock worth $29,959,000 after purchasing an additional 388,636 shares during the period. Prudential Financial Inc. lifted its position in Sinclair Broadcast Group by 1,280.9% during the second quarter. Prudential Financial Inc. now owns 215,159 shares of the company’s stock worth $7,079,000 after purchasing an additional 199,578 shares during the period. Vivaldi Asset Management LLC bought a new position in shares of Sinclair Broadcast Group in the second quarter worth about $2,703,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Sinclair Broadcast Group by 340.0% in the second quarter. Russell Investments Group Ltd. now owns 77,977 shares of the company’s stock worth $2,565,000 after acquiring an additional 60,253 shares during the last quarter. 81.21% of the stock is owned by institutional investors and hedge funds.
About Sinclair Broadcast Group
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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