Tocqueville Asset Management L.P. increased its holdings in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 59.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 227,087 shares of the company’s stock after acquiring an additional 85,007 shares during the period. Tocqueville Asset Management L.P. owned about 0.22% of Sinclair Broadcast Group worth $6,438,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SBGI. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Sinclair Broadcast Group during the 2nd quarter worth approximately $157,000. Exane Derivatives bought a new stake in Sinclair Broadcast Group during the 3rd quarter worth approximately $159,000. Cerebellum GP LLC bought a new stake in Sinclair Broadcast Group during the 3rd quarter worth approximately $193,000. PNC Financial Services Group Inc. grew its position in Sinclair Broadcast Group by 114.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock worth $211,000 after acquiring an additional 3,959 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Sinclair Broadcast Group during the 3rd quarter worth approximately $221,000. Institutional investors and hedge funds own 67.45% of the company’s stock.
A number of equities research analysts recently commented on SBGI shares. ValuEngine upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Tuesday, November 27th. Zacks Investment Research lowered Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 11th. Wolfe Research started coverage on Sinclair Broadcast Group in a research report on Friday. They set an “underperform” rating on the stock. BidaskClub upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Friday, October 5th. Finally, B. Riley lowered Sinclair Broadcast Group from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $36.00 to $33.00 in a research report on Thursday, September 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $38.60.
Shares of SBGI opened at $30.66 on Friday. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 10.22 and a beta of 1.30. The company has a debt-to-equity ratio of 2.43, a quick ratio of 2.98 and a current ratio of 2.98. Sinclair Broadcast Group Inc has a 52 week low of $25.13 and a 52 week high of $40.15.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, November 7th. The company reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.06. The firm had revenue of $766.30 million for the quarter, compared to analyst estimates of $752.56 million. Sinclair Broadcast Group had a return on equity of 19.79% and a net margin of 19.98%. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same period last year, the company earned $0.30 EPS. Analysts forecast that Sinclair Broadcast Group Inc will post 2.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Friday, November 30th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.61%. This is a positive change from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, November 29th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 28.57%.
In other Sinclair Broadcast Group news, Director Lawrence E. Mccanna sold 5,000 shares of the stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $31.68, for a total value of $158,400.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 29.24% of the stock is currently owned by company insiders.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through its local television stations.
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