ValuEngine Lowers Sinclair Broadcast Group, Inc. (SBGI) to Hold
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Saturday.
A number of other analysts have also commented on the stock. Deutsche Bank AG started coverage on shares of Sinclair Broadcast Group in a research note on Friday, October 20th. They set a “buy” rating and a $46.00 price target for the company. Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Saturday, August 5th. Benchmark Co. boosted their price target on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. FBR & Co started coverage on shares of Sinclair Broadcast Group in a research note on Tuesday. They set a “buy” rating and a $43.00 price target for the company. Finally, Wells Fargo & Company restated an “outperform” rating and set a $55.00 price target on shares of Sinclair Broadcast Group in a research note on Monday, October 2nd. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Sinclair Broadcast Group currently has an average rating of “Buy” and a consensus target price of $44.82.
Shares of Sinclair Broadcast Group (NASDAQ SBGI) traded down $0.65 during mid-day trading on Friday, reaching $30.00. 1,210,000 shares of the company’s stock were exchanged, compared to its average volume of 1,610,000. The company has a market cap of $3,050.00, a price-to-earnings ratio of 12.93, a PEG ratio of 7.54 and a beta of 1.92. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 3.46. Sinclair Broadcast Group has a fifty-two week low of $25.35 and a fifty-two week high of $43.05.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, November 1st. The company reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.13). The business had revenue of $670.90 million for the quarter, compared to the consensus estimate of $671.42 million. Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 24.41%. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.54 EPS. research analysts anticipate that Sinclair Broadcast Group will post 2.03 EPS for the current year.
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In related news, Director Howard E. Friedman sold 1,010 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the completion of the transaction, the director now owns 10,990 shares in the company, valued at $351,460.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. 28.20% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Sinclair Broadcast Group by 23.3% during the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock valued at $247,078,000 after purchasing an additional 1,152,147 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Sinclair Broadcast Group by 74.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 910,582 shares of the company’s stock valued at $29,959,000 after purchasing an additional 388,636 shares during the last quarter. Prudential Financial Inc. lifted its holdings in Sinclair Broadcast Group by 1,280.9% during the second quarter. Prudential Financial Inc. now owns 215,159 shares of the company’s stock valued at $7,079,000 after purchasing an additional 199,578 shares during the last quarter. Vivaldi Asset Management LLC purchased a new stake in Sinclair Broadcast Group during the second quarter valued at about $2,703,000. Finally, Russell Investments Group Ltd. lifted its holdings in Sinclair Broadcast Group by 340.0% during the second quarter. Russell Investments Group Ltd. now owns 77,977 shares of the company’s stock valued at $2,565,000 after purchasing an additional 60,253 shares during the last quarter. 81.27% of the stock is currently owned by institutional investors and hedge funds.
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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