Sinclair Broadcast Group (NASDAQ:SBGI) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “

Separately, Deutsche Bank Aktiengesellschaft increased their target price on shares of Sinclair Broadcast Group from $30.00 to $34.00 and gave the stock a hold rating in a research report on Friday, July 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $33.00.

Shares of NASDAQ:SBGI opened at $32.36 on Wednesday. Sinclair Broadcast Group has a 1 year low of $16.72 and a 1 year high of $39.60. The business has a fifty day simple moving average of $29.04 and a 200 day simple moving average of $31.15. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of -0.79 and a beta of 1.68.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Tuesday, August 3rd. The company reported ($4.41) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($4.23) by ($0.18). The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.61 billion. Sinclair Broadcast Group had a negative return on equity of 25.10% and a negative net margin of 50.00%. The company’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.12 earnings per share. On average, sell-side analysts anticipate that Sinclair Broadcast Group will post -3.9 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 15th. Stockholders of record on Wednesday, September 1st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Tuesday, August 31st. Sinclair Broadcast Group’s dividend payout ratio is currently 10.20%.

In other news, Director Lawrence E. Mccanna sold 3,274 shares of the firm’s stock in a transaction dated Thursday, August 12th. The stock was sold at an average price of $30.17, for a total value of $98,776.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 37.70% of the company’s stock.

Several large investors have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Sinclair Broadcast Group in the first quarter valued at about $200,000. Los Angeles Capital Management LLC bought a new stake in shares of Sinclair Broadcast Group in the first quarter valued at about $341,000. Blueshift Asset Management LLC lifted its stake in shares of Sinclair Broadcast Group by 21.9% in the first quarter. Blueshift Asset Management LLC now owns 21,022 shares of the company’s stock valued at $615,000 after buying an additional 3,771 shares during the period. The PNC Financial Services Group Inc. lifted its stake in shares of Sinclair Broadcast Group by 125.1% in the first quarter. The PNC Financial Services Group Inc. now owns 916 shares of the company’s stock valued at $27,000 after buying an additional 509 shares during the period. Finally, IndexIQ Advisors LLC lifted its stake in shares of Sinclair Broadcast Group by 3.4% in the first quarter. IndexIQ Advisors LLC now owns 13,468 shares of the company’s stock valued at $394,000 after buying an additional 443 shares during the period. 57.32% of the stock is currently owned by institutional investors.

About Sinclair Broadcast Group

Sinclair Broadcast Group, Inc is a media company, which engages in the provision of local sports and news. It operates through the following segments: Broadcast, Local Sports, and Others. The Broadcast segment consists of television stations which offers programming and operating services, and sales and other non-programming operating services.

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