Sinclair Broadcast Group (NASDAQ:SBGI)‘s stock had its “buy” rating reiterated by analysts at Benchmark in a research note issued on Monday. They currently have a $39.00 price objective on the stock. Benchmark’s price objective would indicate a potential upside of 31.00% from the company’s current price.
The analysts wrote, “We agree that Auto isn’t likely to post much, if any, upside in 1Q despite some comps in the down-teens range but see growing categories like Services largely making up the shortfall, leaving us feeling that 1Q currently looks more like 4Q post-election than a downward reset. We note that Sinclair has one of the easiest comparisons (-5% core in 1Q18). We suspect Sinclair’s potential pursuit of RSNs may not be getting a fair evaluation due to their nature and possible purchase price. We can buy the arguments that the RSNs 1) reduce dependency on advertising; 2) increase revenue/cost visibility; and 3) enhance the content portfolio, all of which should be multiple expansive.””
Several other equities research analysts have also recently commented on SBGI. B. Riley lifted their target price on Sinclair Broadcast Group from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, November 8th. BidaskClub upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Monday, January 7th. ValuEngine raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. TheStreet raised Sinclair Broadcast Group from a “c+” rating to a “b-” rating in a research report on Thursday, December 13th. Finally, Guggenheim initiated coverage on Sinclair Broadcast Group in a research report on Tuesday, October 16th. They set a “buy” rating and a $40.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Sinclair Broadcast Group currently has an average rating of “Hold” and a consensus target price of $36.44.
Shares of NASDAQ SBGI opened at $29.77 on Monday. Sinclair Broadcast Group has a 12 month low of $25.13 and a 12 month high of $40.15. The firm has a market cap of $2.91 billion, a PE ratio of 10.63 and a beta of 1.35. The company has a debt-to-equity ratio of 2.43, a current ratio of 2.98 and a quick ratio of 2.98.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued 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 business 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 firm’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.30 EPS. On average, research analysts anticipate that Sinclair Broadcast Group will post 3.27 earnings per share for the current fiscal year.
In other news, Director Lawrence E. Mccanna sold 5,000 shares of the stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $31.68, for a total transaction of $158,400.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 29.24% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Exane Derivatives purchased a new position in Sinclair Broadcast Group in the 3rd quarter valued at $159,000. Cerebellum GP LLC acquired a new stake in Sinclair Broadcast Group in the third quarter valued at $193,000. PNC Financial Services Group Inc. lifted its holdings in Sinclair Broadcast Group by 114.4% in the third quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock valued at $211,000 after acquiring an additional 3,959 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Sinclair Broadcast Group in the third quarter valued at $221,000. Finally, Steward Partners Investment Advisory LLC lifted its holdings in Sinclair Broadcast Group by 355.6% in the third quarter. Steward Partners Investment Advisory LLC now owns 8,200 shares of the company’s stock valued at $232,000 after acquiring an additional 6,400 shares during the period. Institutional investors and hedge funds own 67.45% of the company’s stock.
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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