Sinclair Broadcast Group Inc. (SBGI) Bond Prices Fall 0.4%
An issue of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) debt fell 0.4% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 5.375% coupon and is set to mature on April 1, 2021. The bonds in the issue are now trading at $103.38. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
Several research analysts have commented on SBGI shares. Stephens raised Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 3rd. Benchmark Co. reaffirmed a “buy” rating and issued a $44.00 price target on shares of Sinclair Broadcast Group in a research report on Thursday, November 3rd. Wedbush dropped their price target 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. Finally, Zacks Investment Research raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 6th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $38.13.
Shares of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) opened at 32.35 on Wednesday. Sinclair Broadcast Group Inc. has a one year low of $24.15 and a one year high of $35.74. The stock’s 50 day moving average price is $27.83 and its 200 day moving average price is $29.08. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 16.93 and a beta of 1.65.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.72 by $0.18. Sinclair Broadcast Group had a net margin of 7.16% and a return on equity of 38.65%. The company had revenue of $693.80 million for the quarter, compared to analyst estimates of $164.94 million. During the same period last year, the company posted $0.45 earnings per share. The business’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, equities analysts anticipate that Sinclair Broadcast Group Inc. will post $2.66 earnings per share for the current fiscal 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 given a dividend of $0.18 per share. The ex-dividend date is Tuesday, November 29th. This represents a $0.72 annualized dividend and a yield of 2.23%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 37.50%.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of the stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $28.63, for a total transaction of $57,260.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 29.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Sinclair Broadcast Group by 3.1% in the second quarter. Vanguard Group Inc. now owns 5,406,277 shares of the company’s stock valued at $161,432,000 after buying an additional 161,653 shares during the period. FMR LLC boosted its position in shares of Sinclair Broadcast Group by 1.2% in the second quarter. FMR LLC now owns 4,840,822 shares of the company’s stock valued at $144,547,000 after buying an additional 55,136 shares during the period. GMT Capital Corp boosted its position in shares of Sinclair Broadcast Group by 1.6% in the third quarter. GMT Capital Corp now owns 4,170,800 shares of the company’s stock valued at $120,453,000 after buying an additional 65,500 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of Sinclair Broadcast Group by 1.2% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,628,122 shares of the company’s stock valued at $75,900,000 after buying an additional 30,191 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Sinclair Broadcast Group by 5.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,774,419 shares of the company’s stock valued at $52,985,000 after buying an additional 85,009 shares during the period. 73.89% of the stock is owned by hedge funds and other institutional investors.
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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