Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
Several other equities research analysts have also issued reports on SBGI. Stephens set a $46.00 price objective on Sinclair Broadcast Group and gave the company a “buy” rating in a research note on Saturday, June 3rd. Zacks Investment Research raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Finally, Benchmark Co. raised their price objective on Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $43.50.
Sinclair Broadcast Group (SBGI) traded down 0.53% during mid-day trading on Monday, reaching $28.35. The company had a trading volume of 1,387,401 shares. The firm has a 50-day moving average of $31.53 and a 200 day moving average of $35.49. Sinclair Broadcast Group has a 1-year low of $24.15 and a 1-year high of $43.05. The company has a market capitalization of $2.91 billion, a PE ratio of 9.94 and a beta of 1.80.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share for the quarter, meeting the consensus estimate of $0.43. The business had revenue of $679.30 million during the quarter, compared to analysts’ expectations of $678.23 million. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 EPS. On average, analysts predict that Sinclair Broadcast Group will post $2.01 earnings per share for the current fiscal year.
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In other news, Director Lawrence E. Mccanna sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $34.75, for a total value of $69,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 28.20% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Sinclair Broadcast Group by 9.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,170 shares of the company’s stock worth $104,000 after acquiring an additional 273 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Sinclair Broadcast Group by 9.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock worth $131,000 after acquiring an additional 278 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Sinclair Broadcast Group during the 2nd quarter worth approximately $141,000. Teacher Retirement System of Texas lifted its stake in shares of Sinclair Broadcast Group by 2.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 6,141 shares of the company’s stock worth $202,000 after acquiring an additional 164 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter worth approximately $213,000. 83.10% of the stock is owned by hedge funds and other institutional investors.
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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