Sinclair Broadcast Group, Inc. (SBGI) Bonds Trading 1.5% Lower
An issue of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) bonds fell 1.5% as a percentage of their face value during trading on Monday. The debt issue has a 5.875% coupon and will mature on March 15, 2026. The bonds in the issue are now trading at $101.50 and were trading at $102.75 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
A number of equities analysts have weighed in on the company. Zacks Investment Research lowered Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Royal Bank Of Canada reiterated a “buy” rating and set a $45.00 price target on shares of Sinclair Broadcast Group in a research report on Wednesday, July 5th. ValuEngine upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Monday. Wells Fargo & Company reissued an “outperform” rating and set a $55.00 price objective on shares of Sinclair Broadcast Group in a report on Monday. Finally, Benchmark Co. boosted their price objective on Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Sinclair Broadcast Group currently has an average rating of “Buy” and an average price target of $45.14.
Shares of Sinclair Broadcast Group, Inc. (NASDAQ SBGI) traded up 2.868% on Wednesday, reaching $32.455. 574,703 shares of the company traded hands. Sinclair Broadcast Group, Inc. has a 1-year low of $24.15 and a 1-year high of $43.05. The firm has a market capitalization of $3.33 billion, a P/E ratio of 11.380 and a beta of 1.83. The stock has a 50-day moving average price of $29.54 and a 200 day moving average price of $34.08.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.43 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.43. The firm had revenue of $679.30 million during the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. Sinclair Broadcast Group’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $0.52 EPS. Analysts anticipate that Sinclair Broadcast Group, Inc. will post $2.01 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.28%. The ex-dividend date was Wednesday, August 30th. Sinclair Broadcast Group’s dividend payout ratio is presently 24.83%.
In other news, Director Howard E. Friedman sold 1,010 shares of Sinclair Broadcast Group stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the completion of the sale, the director now directly owns 10,990 shares in the company, valued at $351,460.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 28.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in SBGI. Phocas Financial Corp. increased its position in shares of Sinclair Broadcast Group by 4.7% in the 2nd quarter. Phocas Financial Corp. now owns 380,489 shares of the company’s stock valued at $12,518,000 after acquiring an additional 16,978 shares during the period. Sentry Investment Management LLC raised its stake in Sinclair Broadcast Group by 1.8% in the 2nd quarter. Sentry Investment Management LLC now owns 83,593 shares of the company’s stock worth $2,750,000 after acquiring an additional 1,441 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its stake in Sinclair Broadcast Group by 43.8% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 19,499 shares of the company’s stock worth $642,000 after acquiring an additional 5,935 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in Sinclair Broadcast Group by 25.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 99,343 shares of the company’s stock worth $3,268,000 after acquiring an additional 20,214 shares during the last quarter. Finally, Colony Group LLC raised its stake in Sinclair Broadcast Group by 16.6% in the 2nd quarter. Colony Group LLC now owns 57,665 shares of the company’s stock worth $1,897,000 after acquiring an additional 8,215 shares during the last quarter. 80.87% of the stock is currently owned by hedge funds and other institutional investors.
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Sinclair Broadcast Group Company Profile
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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