Sinclair Broadcast Group Inc (NASDAQ:SBGI) has been given a consensus rating of “Buy” by the nine brokerages that are covering the stock, Marketbeat reports. Nine analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $46.14.

A number of brokerages have weighed in on SBGI. Deutsche Bank AG began coverage on shares of Sinclair Broadcast Group in a report on Friday. They set a “buy” rating and a $46.00 target price on the stock. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Wednesday, October 4th. ValuEngine raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Wells Fargo & Co reissued an “outperform” rating and set a $55.00 target price on shares of Sinclair Broadcast Group in a report on Monday, October 2nd. Finally, Benchmark Co. increased their target price on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st.

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In other Sinclair Broadcast Group news, Director Howard E. Friedman sold 1,010 shares of the 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 sale, the director now directly owns 10,990 shares of the company’s stock, valued at $351,460.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.20% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Phocas Financial Corp. grew its position in shares of Sinclair Broadcast Group by 4.7% during the second quarter. Phocas Financial Corp. now owns 380,489 shares of the company’s stock worth $12,518,000 after acquiring an additional 16,978 shares during the last quarter. Sentry Investment Management LLC grew its position in shares of Sinclair Broadcast Group by 1.8% during the second 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 grew its position in shares of Sinclair Broadcast Group by 43.8% during the second 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 grew its position in shares of Sinclair Broadcast Group by 25.5% during the second 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 grew its position in shares of Sinclair Broadcast Group by 16.6% during the second 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. Institutional investors and hedge funds own 80.87% of the company’s stock.

Shares of Sinclair Broadcast Group (NASDAQ:SBGI) traded up 1.82% on Friday, reaching $30.75. 1,125,747 shares of the company’s stock traded hands. The company has a 50 day moving average of $29.93 and a 200-day moving average of $33.33. Sinclair Broadcast Group has a 52 week low of $24.15 and a 52 week high of $43.05. The stock has a market capitalization of $3.16 billion, a PE ratio of 10.78 and a beta of 1.83.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.43. The firm had revenue of $679.30 million for the quarter, compared to analysts’ expectations of $678.23 million. Sinclair Broadcast Group had a net margin of 6.78% and a return on equity of 15.66%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. Equities research analysts forecast that Sinclair Broadcast Group will post $2.01 earnings per share for the current year.

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.

Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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