$0.43 Earnings Per Share Expected for Sinclair Broadcast Group, Inc. (SBGI) This Quarter
Wall Street brokerages expect that Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) will report earnings per share of $0.43 for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Sinclair Broadcast Group’s earnings, with the lowest EPS estimate coming in at $0.41 and the highest estimate coming in at $0.44. Sinclair Broadcast Group posted earnings per share of $0.52 in the same quarter last year, which suggests a negative year over year growth rate of 17.3%. The firm is scheduled to report its next quarterly earnings report before the market opens on Wednesday, August 2nd.
According to Zacks, analysts expect that Sinclair Broadcast Group will report full year earnings of $1.99 per share for the current year, with EPS estimates ranging from $1.98 to $1.99. For the next year, analysts expect that the business will report earnings of $3.08 per share, with EPS estimates ranging from $2.96 to $3.20. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Sinclair Broadcast Group.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, May 3rd. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.03. Sinclair Broadcast Group had a return on equity of 39.72% and a net margin of 9.91%. The business had revenue of $649.90 million for the quarter, compared to analyst estimates of $646.94 million. During the same quarter in the prior year, the company posted $0.25 earnings per share. Sinclair Broadcast Group’s revenue was up 12.3% on a year-over-year basis.
A number of equities analysts have issued reports on SBGI shares. Zacks Investment Research downgraded Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research note on Wednesday, April 19th. Benchmark Co. lifted their price target on Sinclair Broadcast Group from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, May 4th. ValuEngine downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating and cut their price target for the company from $48.00 to $37.00 in a research note on Thursday, May 11th. Stephens set a $46.00 price target on Sinclair Broadcast Group and gave the company a “buy” rating in a research note on Saturday, June 3rd. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $45.00 target price on shares of Sinclair Broadcast Group in a research report on Wednesday, July 5th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Sinclair Broadcast Group currently has an average rating of “Buy” and an average target price of $44.40.
In other Sinclair Broadcast Group news, Director Lawrence E. Mccanna sold 2,000 shares of Sinclair Broadcast Group stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total transaction of $69,500.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David D. Smith bought 4,400 shares of the company’s stock in a transaction on Friday, May 5th. The shares were purchased at an average cost of $36.77 per share, for a total transaction of $161,788.00. The disclosure for this purchase can be found here. 28.20% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the company. Quadrature Capital Ltd bought a new stake in Sinclair Broadcast Group during the fourth quarter worth approximately $939,000. UBS Oconnor LLC bought a new stake in Sinclair Broadcast Group during the first quarter worth approximately $14,796,000. Vanguard Group Inc. boosted its stake in Sinclair Broadcast Group by 23.3% in the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock worth $247,078,000 after buying an additional 1,152,147 shares during the period. Renaissance Technologies LLC boosted its stake in Sinclair Broadcast Group by 4,601.8% in the first quarter. Renaissance Technologies LLC now owns 1,371,571 shares of the company’s stock worth $55,549,000 after buying an additional 1,342,400 shares during the period. Finally, Teachers Advisors LLC boosted its stake 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. 72.02% of the stock is currently owned by institutional investors.
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Sinclair Broadcast Group (SBGI) traded up 1.15% during mid-day trading on Tuesday, reaching $35.20. The company had a trading volume of 1,692,396 shares. The company has a market capitalization of $3.61 billion, a P/E ratio of 11.86 and a beta of 1.79. Sinclair Broadcast Group has a one year low of $24.15 and a one year high of $43.05. The stock has a 50 day moving average price of $33.75 and a 200 day moving average price of $36.12.
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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