Fmr LLC Has $97.93 Million Stake in Sinclair Broadcast Group Inc (SBGI)
Fmr LLC trimmed its stake in Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 50.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,045,881 shares of the company’s stock after selling 3,135,384 shares during the period. Fmr LLC’s holdings in Sinclair Broadcast Group were worth $97,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently bought and sold shares of the company. B. Riley Financial Inc. increased its stake in shares of Sinclair Broadcast Group by 427.8% in the 2nd quarter. B. Riley Financial Inc. now owns 48,829 shares of the company’s stock worth $1,570,000 after purchasing an additional 39,577 shares in the last quarter. Gabelli Funds LLC increased its stake in shares of Sinclair Broadcast Group by 8.8% in the 2nd quarter. Gabelli Funds LLC now owns 420,334 shares of the company’s stock worth $13,514,000 after purchasing an additional 34,034 shares in the last quarter. Alps Advisors Inc. purchased a new stake in shares of Sinclair Broadcast Group in the 2nd quarter worth $620,000. Gamco Investors INC. ET AL boosted its holdings in Sinclair Broadcast Group by 2.4% in the 2nd quarter. Gamco Investors INC. ET AL now owns 257,947 shares of the company’s stock worth $8,293,000 after buying an additional 6,127 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in Sinclair Broadcast Group by 24.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 19,225 shares of the company’s stock worth $618,000 after buying an additional 3,794 shares during the period. Hedge funds and other institutional investors own 77.24% of the company’s stock.
Several research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Wednesday. BidaskClub raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Thursday. ValuEngine raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Tuesday. B. Riley upped their target price on shares of Sinclair Broadcast Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Stephens set a $35.00 target price on shares of Sinclair Broadcast Group and gave the stock a “buy” rating in a report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $39.00.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, November 7th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.06. Sinclair Broadcast Group had a net margin of 19.47% and a return on equity of 19.12%. The company had revenue of $766.30 million during the quarter, compared to the consensus estimate of $752.56 million. During the same quarter in the prior year, the firm posted $0.30 EPS. Sinclair Broadcast Group’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, sell-side analysts forecast that Sinclair Broadcast Group Inc will post 2.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Friday, November 30th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Thursday, November 29th. This is an increase from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. Sinclair Broadcast Group’s dividend payout ratio is 25.71%.
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About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through its local television stations.
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