Analysts Anticipate Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Will Announce Quarterly Sales of $670.30 Million
Brokerages predict that Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) will post sales of $670.30 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Sinclair Broadcast Group’s earnings. The highest sales estimate is $672.80 million and the lowest is $667.80 million. Sinclair Broadcast Group reported sales of $666.53 million in the same quarter last year, which would suggest a positive year over year growth rate of 0.6%. The business is expected to report its next quarterly earnings report before the market opens on Wednesday, August 2nd.
On average, analysts expect that Sinclair Broadcast Group will report full year sales of $670.30 million for the current year, with estimates ranging from $2.71 billion to $2.73 billion. For the next fiscal year, analysts anticipate that the business will report sales of $3.02 billion per share, with estimates ranging from $2.98 billion to $3.06 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Sinclair Broadcast Group.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, May 3rd. The company reported $0.32 EPS for the quarter, beating 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 firm had revenue of $649.90 million during the quarter, compared to analysts’ expectations of $646.94 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was up 12.3% compared to the same quarter last year.
Several equities analysts recently commented on SBGI shares. Benchmark Co. upped their price target on shares of Sinclair Broadcast Group from $45.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, May 4th. Stephens set a $46.00 price target on shares of Sinclair Broadcast Group and gave the company a “buy” rating in a report on Saturday, June 3rd. ValuEngine upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Tuesday, May 16th. Royal Bank Of Canada reiterated a “buy” rating and set a $45.00 price target on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. Finally, Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $44.40.
In related news, insider David D. Smith acquired 4,400 shares of the stock in a transaction on Friday, May 5th. The stock was bought at an average cost of $36.77 per share, with a total value of $161,788.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lawrence E. Mccanna sold 2,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total transaction of $69,500.00. The disclosure for this sale can be found here. 28.20% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in SBGI. Guggenheim Capital LLC boosted its stake in Sinclair Broadcast Group by 9.8% in the fourth quarter. Guggenheim Capital LLC now owns 64,618 shares of the company’s stock valued at $2,155,000 after buying an additional 5,788 shares during the period. Norges Bank bought a new stake in Sinclair Broadcast Group during the fourth quarter valued at about $31,008,000. Quadrature Capital Ltd bought a new stake in Sinclair Broadcast Group during the fourth quarter valued at about $939,000. 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 valued at $4,428,000 after buying an additional 1,582 shares during the period. Finally, Independent Portfolio Consultants Inc. boosted its stake in Sinclair Broadcast Group by 2.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 2,575 shares of the company’s stock valued at $104,000 after buying an additional 60 shares during the period. 72.02% of the stock is owned by institutional investors.
Sinclair Broadcast Group (NASDAQ:SBGI) opened at 36.55 on Thursday. The firm has a market capitalization of $3.75 billion, a PE ratio of 12.32 and a beta of 1.79. Sinclair Broadcast Group has a 12 month low of $24.15 and a 12 month high of $43.05. The company’s 50-day moving average price is $33.86 and its 200 day moving average price is $36.14.
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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