Sinclair Broadcast Group (NASDAQ:SBGI) Shares Gap Down After Analyst Downgrade

Sinclair Broadcast Group Inc (NASDAQ:SBGI) shares gapped down before the market opened on Thursday after B. Riley lowered their price target on the stock from $70.00 to $61.00. The stock had previously closed at $41.56, but opened at $43.40. B. Riley currently has a buy rating on the stock. Sinclair Broadcast Group shares last traded at $43.83, with a volume of 19,211 shares changing hands.

Other equities analysts have also issued research reports about the company. ValuEngine lowered Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research lowered Sinclair Broadcast Group from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 9th. BidaskClub lowered Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Evercore ISI set a $50.00 price target on Sinclair Broadcast Group and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $80.00 price target (down previously from $90.00) on shares of Sinclair Broadcast Group in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $52.00.

In related news, Director Daniel C. Keith sold 13,250 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $56.58, for a total value of $749,685.00. Following the completion of the sale, the director now owns 46,000 shares in the company, valued at $2,602,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David D. Smith acquired 395,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was bought at an average price of $55.10 per share, with a total value of $21,764,500.00. The disclosure for this purchase can be found here. Insiders sold 18,250 shares of company stock valued at $1,017,345 in the last quarter. 32.30% of the stock is currently owned by corporate insiders.



Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisors Preferred LLC bought a new stake in Sinclair Broadcast Group in the second quarter valued at about $37,000. Meeder Asset Management Inc. increased its holdings in shares of Sinclair Broadcast Group by 766.7% in the second quarter. Meeder Asset Management Inc. now owns 1,300 shares of the company’s stock worth $70,000 after acquiring an additional 1,150 shares in the last quarter. Sun Life Financial INC bought a new stake in shares of Sinclair Broadcast Group in the second quarter worth about $72,000. FNY Investment Advisers LLC bought a new stake in shares of Sinclair Broadcast Group in the second quarter worth about $80,000. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of Sinclair Broadcast Group in the second quarter worth about $91,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

The firm has a fifty day moving average price of $53.22. The firm has a market cap of $4.15 billion, a P/E ratio of 13.12 and a beta of 1.12. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 2.66.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.04. Sinclair Broadcast Group had a return on equity of 22.90% and a net margin of 10.60%. The company had revenue of $771.00 million during the quarter, compared to the consensus estimate of $764.48 million. During the same period in the prior year, the company earned $0.27 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. Analysts anticipate that Sinclair Broadcast Group Inc will post 2.64 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.83%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 23.88%.

About Sinclair Broadcast Group (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.

Further Reading: Stock Symbols, CUSIP and Other Stock Identifiers

Receive News & Ratings for Sinclair Broadcast Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sinclair Broadcast Group and related companies with MarketBeat.com's FREE daily email newsletter.