Sinclair Broadcast Group Inc. (SBGI) Bonds Drop 0.4% During Trading
An issue of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) debt fell 0.4% against its face value during trading on Friday. The high-yield debt issue has a 5.375% coupon and will mature on April 1, 2021. The bonds in the issue are now trading at $103.38. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.
A number of brokerages have commented on SBGI. Stephens upgraded Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 3rd. Benchmark Co. reiterated a “buy” rating and issued a $44.00 price objective on shares of Sinclair Broadcast Group in a research report on Thursday, November 3rd. Zacks Investment Research upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 6th. Finally, 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. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $38.13.
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) traded up 1.25% on Friday, hitting $32.35. The stock had a trading volume of 496,119 shares. The company has a 50 day moving average of $27.65 and a 200 day moving average of $29.12. The company has a market capitalization of $2.93 billion, a PE ratio of 16.93 and a beta of 1.65. Sinclair Broadcast Group Inc. has a 12-month low of $24.15 and a 12-month high of $35.89.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by $0.18. The company earned $693.80 million during the quarter, compared to the consensus estimate of $164.94 million. Sinclair Broadcast Group had a net margin of 7.16% and a return on equity of 38.65%. The company’s quarterly revenue was up 26.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 earnings per share. On average, equities analysts expect that Sinclair Broadcast Group Inc. will post $2.66 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Tuesday, November 29th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 37.50%.
In related news, Director Lawrence E. Mccanna sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $31.97, for a total value of $159,850.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.70% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BancorpSouth Inc increased its position in shares of Sinclair Broadcast Group by 1.5% in the third quarter. BancorpSouth Inc now owns 6,932 shares of the company’s stock valued at $200,000 after buying an additional 100 shares in the last quarter. HighTower Advisors LLC increased its position in shares of Sinclair Broadcast Group by 0.8% in the third quarter. HighTower Advisors LLC now owns 20,186 shares of the company’s stock valued at $584,000 after buying an additional 156 shares in the last quarter. LPL Financial LLC increased its position in shares of Sinclair Broadcast Group by 1.7% in the third quarter. LPL Financial LLC now owns 17,280 shares of the company’s stock valued at $491,000 after buying an additional 294 shares in the last quarter. Affinity Investment Advisors LLC increased its position in shares of Sinclair Broadcast Group by 3.0% in the second quarter. Affinity Investment Advisors LLC now owns 10,164 shares of the company’s stock valued at $303,000 after buying an additional 295 shares in the last quarter. Finally, Brown Advisory Inc. increased its position in shares of Sinclair Broadcast Group by 3.8% in the second quarter. Brown Advisory Inc. now owns 8,289 shares of the company’s stock valued at $247,000 after buying an additional 304 shares in the last quarter. Institutional investors and hedge funds own 69.62% of the company’s stock.
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Sinclair Broadcast Group Company Profile
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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