Sinclair Broadcast Group Inc. (SBGI) Sees Large Volume Increase
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) saw strong trading volume on Wednesday . 1,191,080 shares traded hands during mid-day trading, an increase of 13% from the previous session’s volume of 1,051,540 shares.The stock last traded at $26.32 and had previously closed at $25.99.
Separately, Zacks Investment Research cut shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research note on Friday, July 15th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $37.59.
The company has a 50-day moving average price of $28.75 and a 200-day moving average price of $30.48. The stock has a market capitalization of $2.45 billion, a PE ratio of 14.16 and a beta of 1.78.
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Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.52. Sinclair Broadcast Group had a net margin of 7.28% and a return on equity of 34.76%. The firm earned $666.50 million during the quarter, compared to analysts’ expectations of $658.61 million. During the same period last year, the business earned $0.48 earnings per share. Sinclair Broadcast Group’s revenue was up 20.3% compared to the same quarter last year. Equities analysts predict that Sinclair Broadcast Group Inc. will post $2.94 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.78%. The ex-dividend date was Tuesday, August 30th. Sinclair Broadcast Group’s payout ratio is currently 39.34%.
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Sinclair Broadcast Group by 3.1% in the second quarter. Vanguard Group Inc. now owns 5,406,277 shares of the company’s stock valued at $161,432,000 after buying an additional 161,653 shares during the period. FMR LLC raised its position in shares of Sinclair Broadcast Group by 1.2% in the second quarter. FMR LLC now owns 4,840,822 shares of the company’s stock valued at $144,547,000 after buying an additional 55,136 shares during the period. GMT Capital Corp raised its position in shares of Sinclair Broadcast Group by 4.8% in the second quarter. GMT Capital Corp now owns 4,105,300 shares of the company’s stock valued at $122,584,000 after buying an additional 189,300 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Sinclair Broadcast Group by 18.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,597,931 shares of the company’s stock valued at $77,574,000 after buying an additional 402,273 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Sinclair Broadcast Group by 5.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,774,419 shares of the company’s stock valued at $52,985,000 after buying an additional 85,009 shares during the period. Hedge funds and other institutional investors own 69.55% of the company’s stock.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations.
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