Tower Research Capital LLC TRC lifted its position in Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 2,016.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 783 shares of the company’s stock after purchasing an additional 746 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Sinclair Broadcast Group were worth $33,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Advisors Preferred LLC bought a new stake in Sinclair Broadcast Group in the 2nd quarter worth approximately $37,000. Harvest Fund Management Co. Ltd purchased a new stake in Sinclair Broadcast Group in the second quarter worth approximately $39,000. Meeder Asset Management Inc. grew its position in Sinclair Broadcast Group by 766.7% during the second quarter. Meeder Asset Management Inc. now owns 1,300 shares of the company’s stock valued at $70,000 after acquiring an additional 1,150 shares during the last quarter. Sun Life Financial INC bought a new position in Sinclair Broadcast Group during the second quarter valued at approximately $72,000. Finally, Steward Partners Investment Advisory LLC purchased a new position in shares of Sinclair Broadcast Group during the second quarter worth approximately $91,000. Hedge funds and other institutional investors own 63.82% of the company’s stock.
SBGI opened at $32.87 on Friday. The company has a debt-to-equity ratio of 7.53, a current ratio of 2.66 and a quick ratio of 2.66. The stock’s 50 day simple moving average is $38.47 and its 200 day simple moving average is $46.54. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 9.81 and a beta of 1.10. Sinclair Broadcast Group Inc has a 1 year low of $25.14 and a 1 year high of $66.57.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Wednesday, November 27th. Sinclair Broadcast Group’s payout ratio is 23.88%.
A number of equities research analysts have recently weighed in on the stock. Benchmark restated a “buy” rating and issued a $80.00 price objective (down from $90.00) on shares of Sinclair Broadcast Group in a report on Thursday, August 8th. Cannonball Research started coverage on shares of Sinclair Broadcast Group in a report on Monday, September 9th. They set a “hold” rating and a $44.00 target price on the stock. B. Riley decreased their target price on shares of Sinclair Broadcast Group from $70.00 to $61.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Stephens lowered their price target on shares of Sinclair Broadcast Group from $80.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, November 19th. They noted that the move was a valuation call. Finally, Wells Fargo & Co began coverage on shares of Sinclair Broadcast Group in a research note on Tuesday, September 24th. They issued a “market perform” rating and a $48.00 price target for the company. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Sinclair Broadcast Group presently has a consensus rating of “Hold” and an average price target of $55.29.
Sinclair Broadcast Group Company Profile
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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