Sinclair Broadcast Group, Inc. (SBGI) Downgraded to Hold at Zacks Investment Research
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, August 9th.
According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “
Several other equities research analysts have also commented on the company. Benchmark Co. upped their target price on Sinclair Broadcast Group from $45.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. ValuEngine downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $37.00 in a research note on Thursday, May 11th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $45.00 price target on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Finally, Stephens set a $46.00 price target on Sinclair Broadcast Group and gave the stock a “buy” rating in a research note on Saturday, June 3rd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $43.50.
Sinclair Broadcast Group (NASDAQ:SBGI) traded down 0.17% during trading on Wednesday, reaching $29.70. The company had a trading volume of 1,240,512 shares. The firm’s 50 day moving average price is $32.98 and its 200 day moving average price is $36.06. Sinclair Broadcast Group has a 12-month low of $24.15 and a 12-month high of $43.05. The firm has a market capitalization of $3.05 billion, a PE ratio of 10.41 and a beta of 1.79.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, August 2nd. The company reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The company had revenue of $679.30 million for the quarter, compared to analyst estimates of $678.23 million. During the same quarter in the prior year, the company earned $0.52 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts anticipate that Sinclair Broadcast Group will post $2.01 earnings per share for the current year.
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In related news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $34.75, for a total transaction of $69,500.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 28.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. UBS Oconnor LLC bought a new stake in shares of Sinclair Broadcast Group during the first quarter valued at approximately $14,796,000. Vanguard Group Inc. increased its stake in shares of Sinclair Broadcast Group by 23.3% in the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock valued at $247,078,000 after buying an additional 1,152,147 shares during the period. Renaissance Technologies LLC increased its stake in shares of Sinclair Broadcast Group by 4,601.8% in the first quarter. Renaissance Technologies LLC now owns 1,371,571 shares of the company’s stock valued at $55,549,000 after buying an additional 1,342,400 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Sinclair Broadcast Group by 12.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 521,946 shares of the company’s stock valued at $21,139,000 after buying an additional 59,777 shares during the period. Finally, Clearbridge Investments LLC increased its stake in shares of Sinclair Broadcast Group by 0.5% in the first quarter. Clearbridge Investments LLC now owns 1,169,858 shares of the company’s stock valued at $47,379,000 after buying an additional 5,715 shares during the period. 76.91% 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 focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.
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