Sinclair Broadcast Group (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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. “
A number of other research analysts also recently issued reports on SBGI. ValuEngine upgraded shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Wednesday. BidaskClub upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Monday. Wolfe Research assumed coverage on shares of Sinclair Broadcast Group in a research report on Friday, December 7th. They set an “underperform” rating on the stock. B. Riley upped their target price on shares of Sinclair Broadcast Group from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, November 8th. Finally, TheStreet upgraded shares of Sinclair Broadcast Group from a “c+” rating to a “b-” rating in a research report on Thursday, December 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $37.89.
Sinclair Broadcast Group stock opened at $30.17 on Wednesday. The company has a debt-to-equity ratio of 2.43, a quick ratio of 2.98 and a current ratio of 2.98. Sinclair Broadcast Group has a 1 year low of $25.13 and a 1 year high of $40.15. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 10.78 and a beta of 1.35.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, November 7th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. Sinclair Broadcast Group had a net margin of 19.98% and a return on equity of 19.79%. The company had revenue of $766.30 million for the quarter, compared to the consensus estimate of $752.56 million. During the same period in the prior year, the company posted $0.30 EPS. The company’s revenue was up 18.9% compared to the same quarter last year. On average, analysts forecast that Sinclair Broadcast Group will post 3.27 earnings per share for the current year.
In related news, Director Lawrence E. Mccanna sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $31.68, for a total value of $158,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 29.24% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the stock. Cerebellum GP LLC grew its stake in shares of Sinclair Broadcast Group by 41.5% in the fourth quarter. Cerebellum GP LLC now owns 9,619 shares of the company’s stock valued at $253,000 after buying an additional 2,823 shares in the last quarter. Legal & General Group Plc lifted its holdings in Sinclair Broadcast Group by 2.9% during the 3rd quarter. Legal & General Group Plc now owns 45,820 shares of the company’s stock valued at $1,299,000 after purchasing an additional 1,300 shares during the last quarter. Vanguard Group Inc lifted its holdings in Sinclair Broadcast Group by 4.6% during the 3rd quarter. Vanguard Group Inc now owns 7,225,931 shares of the company’s stock valued at $204,855,000 after purchasing an additional 320,587 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Sinclair Broadcast Group by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 7,225,931 shares of the company’s stock valued at $204,855,000 after purchasing an additional 320,587 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in Sinclair Broadcast Group by 151.9% during the 3rd quarter. Morgan Stanley now owns 517,445 shares of the company’s stock valued at $14,671,000 after purchasing an additional 312,060 shares during the last quarter. 67.45% of the stock is owned by institutional investors and hedge funds.
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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