Fmr LLC Cuts Holdings in Sinclair Broadcast Group Inc (SBGI)

Fmr LLC trimmed its position in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 50.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,045,881 shares of the company’s stock after selling 3,135,384 shares during the quarter. Fmr LLC owned approximately 2.98% of Sinclair Broadcast Group worth $97,925,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. B. Riley Financial Inc. boosted its position in shares of Sinclair Broadcast Group by 427.8% in the 2nd quarter. B. Riley Financial Inc. now owns 48,829 shares of the company’s stock worth $1,570,000 after purchasing an additional 39,577 shares in the last quarter. Gabelli Funds LLC boosted its position in shares of Sinclair Broadcast Group by 8.8% in the 2nd quarter. Gabelli Funds LLC now owns 420,334 shares of the company’s stock worth $13,514,000 after purchasing an additional 34,034 shares in the last quarter. Alps Advisors Inc. bought a new stake in shares of Sinclair Broadcast Group in the 2nd quarter worth approximately $620,000. Gamco Investors INC. ET AL boosted its position in shares of Sinclair Broadcast Group by 2.4% in the 2nd quarter. Gamco Investors INC. ET AL now owns 257,947 shares of the company’s stock worth $8,293,000 after purchasing an additional 6,127 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of Sinclair Broadcast Group by 24.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 19,225 shares of the company’s stock worth $618,000 after purchasing an additional 3,794 shares in the last quarter. 77.24% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently commented on SBGI. B. Riley boosted their price target on Sinclair Broadcast Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday. ValuEngine raised Sinclair Broadcast Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 15th. BidaskClub raised Sinclair Broadcast Group from a “strong sell” rating to a “sell” rating in a research report on Friday, August 10th. Guggenheim began coverage on Sinclair Broadcast Group in a research report on Tuesday, October 16th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Zacks Investment Research cut Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $39.00.

SBGI stock opened at $31.40 on Friday. The company has a market capitalization of $3.13 billion, a P/E ratio of 11.21 and a beta of 1.28. Sinclair Broadcast Group Inc has a 12-month low of $25.13 and a 12-month high of $40.15. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 2.44.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, November 7th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.06. The business had revenue of $766.30 million for the quarter, compared to analysts’ expectations of $752.56 million. Sinclair Broadcast Group had a return on equity of 19.12% and a net margin of 19.47%. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 EPS. As a group, analysts forecast that Sinclair Broadcast Group Inc will post 2.44 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Friday, November 30th will be given a $0.20 dividend. The ex-dividend date is Thursday, November 29th. This is a boost from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 2.55%. Sinclair Broadcast Group’s dividend payout ratio is 25.71%.

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Sinclair Broadcast Group Profile

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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Institutional Ownership by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

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