Sinclair Broadcast Group (SBGI) Stock Price Down 6.2%

Sinclair Broadcast Group Inc (NASDAQ:SBGI) shares dropped 6.2% during trading on Monday . The company traded as low as $57.49 and last traded at $58.00. Approximately 1,313,917 shares changed hands during trading, a decline of 5% from the average daily volume of 1,383,620 shares. The stock had previously closed at $61.81.

Several analysts recently weighed in on SBGI shares. BidaskClub upgraded Sinclair Broadcast Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 14th. Zacks Investment Research upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Thursday, February 21st. Finally, Benchmark increased their price target on Sinclair Broadcast Group from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, February 28th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $48.67.

The company has a debt-to-equity ratio of 2.41, a current ratio of 3.12 and a quick ratio of 3.12. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 17.11 and a beta of 1.56.



Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, May 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.16). Sinclair Broadcast Group had a return on equity of 20.22% and a net margin of 10.28%. The business had revenue of $722.10 million during the quarter, compared to analysts’ expectations of $707.94 million. During the same quarter in the previous year, the business earned $0.42 EPS. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. Analysts expect that Sinclair Broadcast Group Inc will post 2.76 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be paid a $0.20 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a yield of 1.40%. Sinclair Broadcast Group’s payout ratio is 23.88%.

In other news, VP Barry Faber sold 16,882 shares of the firm’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $34.78, for a total transaction of $587,155.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman David B. Amy sold 22,032 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $38.38, for a total value of $845,588.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 182,893 shares of company stock worth $6,987,659. Insiders own 29.24% of the company’s stock.

Several institutional investors have recently made changes to their positions in SBGI. Rockefeller Capital Management L.P. purchased a new position in shares of Sinclair Broadcast Group during the first quarter valued at $26,000. Covington Capital Management purchased a new position in shares of Sinclair Broadcast Group during the fourth quarter valued at $33,000. Enlightenment Research LLC purchased a new position in shares of Sinclair Broadcast Group during the fourth quarter valued at $53,000. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in shares of Sinclair Broadcast Group during the first quarter valued at $97,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Sinclair Broadcast Group during the fourth quarter valued at $103,000. Hedge funds and other institutional investors own 66.16% of the company’s stock.

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Sinclair Broadcast Group Company Profile (NASDAQ:SBGI)

Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, sales, and other non-programming operating 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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