Sinclair Broadcast Group, Inc. (SBGI) Coverage Initiated at Deutsche Bank AG
Equities research analysts at Deutsche Bank AG started coverage on shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $46.00 price target on the stock. Deutsche Bank AG’s target price would indicate a potential upside of 49.59% from the stock’s previous close.
Other equities analysts also recently issued research reports about the company. Wells Fargo & Company reiterated an “outperform” rating and set a $55.00 price target on shares of Sinclair Broadcast Group in a research note on Monday, October 2nd. Zacks Investment Research downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Benchmark Co. lifted their price target on Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. ValuEngine upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $45.00 price target on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Nine equities research analysts have rated the stock with a buy rating, Sinclair Broadcast Group has a consensus rating of “Buy” and an average price target of $45.00.
Shares of Sinclair Broadcast Group (SBGI) traded up 1.82% on Friday, reaching $30.75. The company had a trading volume of 1,125,747 shares. Sinclair Broadcast Group has a 12 month low of $24.15 and a 12 month high of $43.05. The stock has a market cap of $3.16 billion, a PE ratio of 10.78 and a beta of 1.83. The stock has a 50-day moving average price of $29.93 and a 200-day moving average price of $33.33.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.43. The business had revenue of $679.30 million during the quarter, compared to the consensus estimate of $678.23 million. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. Analysts predict that Sinclair Broadcast Group will post $2.01 earnings per share for the current fiscal year.
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In other news, Director Howard E. Friedman sold 1,010 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $31.98, for a total value of $32,299.80. Following the transaction, the director now owns 10,990 shares in the company, valued at approximately $351,460.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 28.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in SBGI. Russell Investments Group Ltd. purchased a new position in shares of Sinclair Broadcast Group in the 1st quarter worth approximately $718,000. UBS Asset Management Americas Inc. boosted its stake in shares of Sinclair Broadcast Group by 61.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 43,675 shares of the company’s stock worth $1,769,000 after buying an additional 16,544 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of Sinclair Broadcast Group in the 1st quarter worth approximately $471,000. Parametric Portfolio Associates LLC boosted its stake in shares of Sinclair Broadcast Group by 42.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 99,745 shares of the company’s stock worth $4,040,000 after buying an additional 29,664 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in shares of Sinclair Broadcast Group in the 1st quarter worth approximately $473,000. Hedge funds and other institutional investors own 80.87% of the company’s stock.
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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