Sinclair Broadcast Group Inc. (SBGI) Director Lawrence E. Mccanna Sells 2,000 Shares of Stock
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) Director Lawrence E. Mccanna sold 2,000 shares of the firm’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $28.63, for a total value of $57,260.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) remained flat at $28.50 on Friday. The company’s stock had a trading volume of 58,252 shares. The firm’s 50-day moving average price is $28.40 and its 200 day moving average price is $30.14. The firm has a market capitalization of $2.69 billion, a P/E ratio of 15.57 and a beta of 1.83. Sinclair Broadcast Group Inc. has a 1-year low of $25.70 and a 1-year high of $35.89.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. Sinclair Broadcast Group had a return on equity of 34.76% and a net margin of 7.28%. The firm had revenue of $666.50 million for the quarter, compared to analyst estimates of $658.61 million. During the same period last year, the company earned $0.48 EPS. The firm’s quarterly revenue was up 20.3% on a year-over-year basis. On average, equities research analysts expect that Sinclair Broadcast Group Inc. will post $2.90 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.53%. The ex-dividend date was Tuesday, August 30th. Sinclair Broadcast Group’s dividend payout ratio is currently 39.34%.
A number of research analysts have commented on the company. Zacks Investment Research lowered Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Friday, July 15th. Wedbush decreased their price objective on Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 27th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $37.42.
Several institutional investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. raised its position in Sinclair Broadcast Group by 1,736.6% in the first quarter. Prudential Financial Inc. now owns 118,661 shares of the company’s stock valued at $3,649,000 after buying an additional 112,200 shares in the last quarter. BlackRock Group LTD raised its position in Sinclair Broadcast Group by 25.1% in the first quarter. BlackRock Group LTD now owns 41,978 shares of the company’s stock valued at $1,290,000 after buying an additional 8,412 shares in the last quarter. HBK Investments L P raised its position in Sinclair Broadcast Group by 719.3% in the first quarter. HBK Investments L P now owns 90,123 shares of the company’s stock valued at $2,771,000 after buying an additional 79,123 shares in the last quarter. Calixto Global Investors LP raised its position in Sinclair Broadcast Group by 6.8% in the first quarter. Calixto Global Investors LP now owns 279,880 shares of the company’s stock valued at $8,606,000 after buying an additional 17,780 shares in the last quarter. Finally, Teachers Advisors Inc. raised its position in Sinclair Broadcast Group by 1.5% in the first quarter. Teachers Advisors Inc. now owns 122,624 shares of the company’s stock valued at $3,771,000 after buying an additional 1,852 shares in the last quarter. 69.55% 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 owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations.
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