FrontFour Capital Group LLC Takes Position in Sinclair Broadcast Group, Inc. (SBGI)
FrontFour Capital Group LLC bought a new position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 83,647 shares of the company’s stock, valued at approximately $2,681,000. Sinclair Broadcast Group comprises about 0.5% of FrontFour Capital Group LLC’s investment portfolio, making the stock its 24th biggest position. FrontFour Capital Group LLC owned approximately 0.08% of Sinclair Broadcast Group as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of SBGI. Principal Financial Group Inc. grew its stake in shares of Sinclair Broadcast Group by 201.3% in the second quarter. Principal Financial Group Inc. now owns 4,113,294 shares of the company’s stock worth $135,326,000 after purchasing an additional 2,748,201 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Sinclair Broadcast Group by 30.0% in the second quarter. Bank of New York Mellon Corp now owns 7,751,184 shares of the company’s stock worth $255,014,000 after buying an additional 1,789,969 shares during the period. Prudential Financial Inc. lifted its holdings in Sinclair Broadcast Group by 436.6% in the third quarter. Prudential Financial Inc. now owns 1,154,448 shares of the company’s stock worth $37,001,000 after buying an additional 939,289 shares during the period. Royal Bank of Canada lifted its holdings in Sinclair Broadcast Group by 4,036.0% in the second quarter. Royal Bank of Canada now owns 830,350 shares of the company’s stock worth $27,317,000 after buying an additional 810,274 shares during the period. Finally, Nordea Investment Management AB purchased a new stake in Sinclair Broadcast Group in the second quarter worth about $26,002,000. 84.80% of the stock is currently owned by institutional investors.
In other news, Director Howard E. Friedman sold 1,010 shares of Sinclair Broadcast Group stock in a transaction that occurred 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 transaction, the director now directly owns 10,990 shares in the company, valued at $351,460.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 28.20% of the stock is currently owned by company insiders.
Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at $36.10 on Wednesday. Sinclair Broadcast Group, Inc. has a 1-year low of $26.70 and a 1-year high of $43.05. The stock has a market cap of $3,627.07, a P/E ratio of 15.04, a PEG ratio of 8.91 and a beta of 1.92. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 3.51.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13). Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. The business had revenue of $670.90 million for the quarter, compared to analysts’ expectations of $671.42 million. During the same quarter in the previous year, the business posted $0.54 earnings per share. Sinclair Broadcast Group’s revenue for the quarter was down 3.3% on a year-over-year basis. sell-side analysts predict that Sinclair Broadcast Group, Inc. will post 2 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.99%. Sinclair Broadcast Group’s payout ratio is 27.07%.
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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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