Insider Selling: Lawrence E. Mccanna Sells 1,500 Shares of Sinclair Broadcast Group Stock (SBGI)
Sinclair Broadcast Group (NASDAQ:SBGI) Director Lawrence E. Mccanna sold 1,500 shares of the stock on the open market in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $29.36, for a total value of $44,040.00. Following the completion of the transaction, the director now directly owns 30,125 shares in the company, valued at approximately $884,470. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Sinclair Broadcast Group (NASDAQ:SBGI) traded up 13.92% during mid-day trading on Wednesday, hitting $33.3101. The stock had a trading volume of 7,505,018 shares. Sinclair Broadcast Group has a one year low of $23.28 and a one year high of $37.50. The stock’s 50-day moving average is $29.70 and its 200-day moving average is $29.79. The company has a market cap of $3.244 billion and a price-to-earnings ratio of 34.36.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.27 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.22 by $0.05. The company had revenue of $412.65 million for the quarter, compared to the consensus estimate of $403.27 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company’s quarterly revenue was up 46.0% on a year-over-year basis. On average, analysts predict that Sinclair Broadcast Group will post $1.95 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on SBGI shares. Analysts at Zacks upgraded shares of Sinclair Broadcast Group from an “underperform” rating to a “neutral” rating in a research note on Friday, May 16th. They now have a $28.60 price target on the stock. Separately, analysts at Evercore Partners cut their price target on shares of Sinclair Broadcast Group from $37.00 to $36.00 in a research note on Monday, April 28th. They now have an “overweight” rating on the stock. Finally, analysts at TheStreet downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $33.77.
Sinclair Broadcast Group, Inc is diversified television broadcasting company. The Company owns or provides certain programming, operating or sales services to more television stations.
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