B. Riley FBR, Inc. Boosts Sinclair Broadcast Group, Inc. (SBGI) Price Target to $45.00

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) had its target price hoisted by research analysts at B. Riley FBR, Inc. from $43.00 to $45.00 in a research note issued on Thursday. The firm presently has a “buy” rating on the stock. B. Riley FBR, Inc.’s target price would indicate a potential upside of 41.96% from the stock’s current price.

Several other brokerages have also issued reports on SBGI. Benchmark Co. boosted their target price on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada restated a “buy” rating and set a $45.00 target price on shares of Sinclair Broadcast Group in a research report on Wednesday, July 5th. Wells Fargo & Company restated an “outperform” rating and set a $55.00 target price on shares of Sinclair Broadcast Group in a research report on Monday, October 2nd. Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Finally, FBR & Co assumed coverage on shares of Sinclair Broadcast Group in a research report on Tuesday. They set a “buy” rating and a $43.00 target price for the company. Eleven equities research analysts have rated the stock with a buy rating, Sinclair Broadcast Group has an average rating of “Buy” and a consensus target price of $44.80.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.43. The company had revenue of $679.30 million during the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 earnings per share.

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In other news, Director Howard E. Friedman sold 1,010 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total value of $32,299.80. Following the transaction, the director now owns 10,990 shares of the company’s stock, valued at $351,460.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 28.20% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Gabelli Funds LLC lifted its holdings in shares of Sinclair Broadcast Group by 1.0% in the third quarter. Gabelli Funds LLC now owns 197,600 shares of the company’s stock worth $6,333,000 after buying an additional 2,000 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of Sinclair Broadcast Group by 3.6% in the third quarter. Gamco Investors INC. ET AL now owns 238,750 shares of the company’s stock worth $7,652,000 after buying an additional 8,350 shares in the last quarter. Chicago Equity Partners LLC lifted its holdings in shares of Sinclair Broadcast Group by 106.5% in the third quarter. Chicago Equity Partners LLC now owns 46,700 shares of the company’s stock worth $1,497,000 after buying an additional 24,085 shares in the last quarter. Emerald Advisers Inc. PA lifted its holdings in shares of Sinclair Broadcast Group by 10.3% in the third quarter. Emerald Advisers Inc. PA now owns 72,084 shares of the company’s stock worth $2,310,000 after buying an additional 6,757 shares in the last quarter. Finally, Strs Ohio lifted its holdings in shares of Sinclair Broadcast Group by 9,065.9% in the third quarter. Strs Ohio now owns 375,800 shares of the company’s stock worth $12,044,000 after buying an additional 371,700 shares in the last quarter. 81.27% of the stock is currently owned by hedge funds and other institutional investors.

About Sinclair Broadcast Group

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.

Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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