Fondren Management LP Has $946,000 Holdings in Sinclair Broadcast Group Inc (SBGI)
Fondren Management LP boosted its position in Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 66.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,000 shares of the company’s stock after purchasing an additional 10,000 shares during the period. Sinclair Broadcast Group makes up approximately 0.7% of Fondren Management LP’s investment portfolio, making the stock its 28th biggest holding. Fondren Management LP’s holdings in Sinclair Broadcast Group were worth $946,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its stake in Sinclair Broadcast Group by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 7,883,606 shares of the company’s stock worth $252,669,000 after purchasing an additional 132,422 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in Sinclair Broadcast Group by 32.6% in the fourth quarter. OppenheimerFunds Inc. now owns 2,874,958 shares of the company’s stock worth $108,817,000 after purchasing an additional 706,386 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Sinclair Broadcast Group by 7.2% in the third quarter. Dimensional Fund Advisors LP now owns 2,078,562 shares of the company’s stock worth $66,615,000 after purchasing an additional 140,286 shares during the last quarter. Goodnow Investment Group LLC lifted its stake in Sinclair Broadcast Group by 34.7% in the third quarter. Goodnow Investment Group LLC now owns 1,197,445 shares of the company’s stock worth $38,378,000 after purchasing an additional 308,450 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake 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 purchasing an additional 939,289 shares during the last quarter. 87.70% of the stock is owned by institutional investors and hedge funds.
Several analysts have issued reports on the stock. BidaskClub raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Thursday, December 14th. ValuEngine raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Monday, December 4th. Benchmark reaffirmed a “buy” rating and set a $55.00 target price on shares of Sinclair Broadcast Group in a research report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “buy” rating and set a $48.00 target price on shares of Sinclair Broadcast Group in a research report on Thursday, January 4th. Finally, B. Riley reduced their target price on shares of Sinclair Broadcast Group from $53.00 to $49.00 and set a “buy” rating on the stock in a research report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $46.64.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, February 28th. The company reported $1.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $1.07. The business had revenue of $734.00 million for the quarter, compared to analyst estimates of $733.41 million. Sinclair Broadcast Group had a net margin of 21.07% and a return on equity of 22.76%. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period last year, the company posted $1.32 earnings per share. research analysts anticipate that Sinclair Broadcast Group Inc will post 3.66 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Investors of record on Friday, March 9th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Thursday, March 8th. Sinclair Broadcast Group’s payout ratio is 12.72%.
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Sinclair Broadcast Group 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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