Zacks Investment Research lowered shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a hold rating to a strong sell rating in a report issued on Tuesday, Zacks.com reports.

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 have also issued reports on SBGI. Benchmark upped their target price 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. BidaskClub downgraded shares of Xencor from a sell rating to a strong sell rating in a report on Tuesday, June 11th. Evercore ISI reissued a hold rating and issued a $80.00 price target on shares of Fortinet in a report on Tuesday, May 7th. Wolfe Research raised shares of Sinclair Broadcast Group from an underperform rating to an outperform rating in a report on Wednesday, April 3rd. Finally, ValuEngine cut shares of Acceleron Pharma from a strong-buy rating to a buy rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $48.67.

SBGI stock opened at $59.05 on Tuesday. 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 12 month low of $25.13 and a 12 month high of $66.57. The company has a market cap of $5.38 billion, a price-to-earnings ratio of 18.18 and a beta of 1.15. The firm has a 50-day moving average price of $54.20.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, May 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.16). The business had revenue of $722.10 million for the quarter, compared to analyst estimates of $707.94 million. Sinclair Broadcast Group had a return on equity of 20.45% and a net margin of 10.28%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. As a group, equities research analysts forecast that Sinclair Broadcast Group will post 2.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.35%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 23.88%.

In related news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $53.16, for a total transaction of $106,320.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel C. Keith sold 13,250 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $56.58, for a total value of $749,685.00. Following the completion of the sale, the director now owns 46,000 shares of the company’s stock, valued at $2,602,680. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,250 shares of company stock worth $1,017,345. Corporate insiders own 29.24% of the company’s stock.

A number of institutional investors have recently bought and sold shares of SBGI. BlackRock Inc. grew its holdings in shares of Sinclair Broadcast Group by 1.6% during the 4th quarter. BlackRock Inc. now owns 5,190,505 shares of the company’s stock valued at $136,718,000 after purchasing an additional 82,886 shares during the last quarter. Martingale Asset Management L P lifted its position in shares of Sinclair Broadcast Group by 38.0% during the 4th quarter. Martingale Asset Management L P now owns 53,743 shares of the company’s stock valued at $1,416,000 after acquiring an additional 14,808 shares during the period. GSA Capital Partners LLP bought a new stake in Sinclair Broadcast Group during the 4th quarter valued at $266,000. Great West Life Assurance Co. Can increased its stake in Sinclair Broadcast Group by 18.2% during the 4th quarter. Great West Life Assurance Co. Can now owns 11,500 shares of the company’s stock valued at $290,000 after purchasing an additional 1,768 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in Sinclair Broadcast Group by 2,372.6% during the 4th quarter. Hsbc Holdings PLC now owns 200,530 shares of the company’s stock valued at $5,284,000 after purchasing an additional 192,420 shares in the last quarter. 65.00% of the stock is currently owned by hedge funds and other institutional investors.

Sinclair Broadcast Group Company Profile

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.

Further Reading: Hedge Funds

Get a free copy of the Zacks research report on Sinclair Broadcast Group (SBGI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

Receive News & Ratings for Sinclair Broadcast Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sinclair Broadcast Group and related companies with MarketBeat.com's FREE daily email newsletter.