Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) rose 0% during mid-day trading on Thursday . The stock traded as high as $31.60 and last traded at $31.55. Approximately 1,422,786 shares changed hands during mid-day trading, a decline of 0% from the average daily volume of 1,425,030 shares. The stock had previously closed at $31.55.
SBGI has been the topic of several research analyst reports. Benchmark Co. raised their target price on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research report on Saturday, August 5th. ValuEngine cut shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. Wells Fargo & Company reissued an “outperform” rating and issued a $55.00 target price on shares of Sinclair Broadcast Group in a research report on Monday, October 2nd. Finally, Deutsche Bank AG initiated coverage on shares of Sinclair Broadcast Group in a research report on Friday, October 20th. They issued a “buy” rating and a $46.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Sinclair Broadcast Group has a consensus rating of “Buy” and a consensus price target of $44.82.
The company has a debt-to-equity ratio of 3.51, a quick ratio of 2.65 and a current ratio of 1.74. The stock has a market cap of $3,240.15, a price-to-earnings ratio of 13.31, a P/E/G ratio of 7.89 and a beta of 1.92.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, November 1st. The company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13). Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. The business had revenue of $670.90 million during the quarter, compared to analysts’ expectations of $671.42 million. During the same quarter in the previous year, the business posted $0.54 EPS. The company’s quarterly revenue was down 3.3% on a year-over-year basis. analysts forecast that Sinclair Broadcast Group, Inc. will post 2 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.72 annualized dividend and a yield of 2.27%. Sinclair Broadcast Group’s payout ratio is 27.07%.
In related news, Director Howard E. Friedman sold 1,010 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $351,460.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 28.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of SBGI. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Sinclair Broadcast Group by 9.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,170 shares of the company’s stock valued at $104,000 after buying an additional 273 shares during the period. PNC Financial Services Group Inc. raised its holdings in Sinclair Broadcast Group by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock valued at $131,000 after buying an additional 278 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Sinclair Broadcast Group in the second quarter valued at approximately $141,000. FNY Managed Accounts LLC purchased a new position in Sinclair Broadcast Group in the third quarter valued at approximately $153,000. Finally, Cheyne Capital Management UK LLP purchased a new position in Sinclair Broadcast Group in the third quarter valued at approximately $170,000. Hedge funds and other institutional investors own 81.21% of the company’s stock.
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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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