Short Interest in Sinclair Broadcast Group Inc (NASDAQ:SBGI) Drops By 6.0%

Sinclair Broadcast Group Inc (NASDAQ:SBGI) saw a large decline in short interest during the month of November. As of November 29th, there was short interest totalling 5,620,000 shares, a decline of 6.0% from the November 14th total of 5,980,000 shares. Based on an average daily volume of 869,000 shares, the days-to-cover ratio is currently 6.5 days. Currently, 8.8% of the shares of the stock are short sold.

A number of large investors have recently bought and sold shares of SBGI. JPMorgan Chase & Co. increased its stake in Sinclair Broadcast Group by 118.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,797,608 shares of the company’s stock valued at $148,832,000 after purchasing an additional 1,517,108 shares in the last quarter. Renaissance Technologies LLC increased its stake in Sinclair Broadcast Group by 33.3% during the 2nd quarter. Renaissance Technologies LLC now owns 4,291,227 shares of the company’s stock valued at $230,139,000 after purchasing an additional 1,072,664 shares in the last quarter. Invesco Ltd. increased its stake in Sinclair Broadcast Group by 1,038.3% during the 2nd quarter. Invesco Ltd. now owns 939,594 shares of the company’s stock valued at $50,389,000 after purchasing an additional 857,047 shares in the last quarter. Eagle Asset Management Inc. bought a new stake in Sinclair Broadcast Group during the 2nd quarter valued at $37,659,000. Finally, Capital Growth Management LP bought a new stake in Sinclair Broadcast Group during the 2nd quarter valued at $33,680,000. Institutional investors and hedge funds own 63.80% of the company’s stock.

NASDAQ:SBGI traded down $0.52 during mid-day trading on Friday, hitting $30.44. 1,123,971 shares of the company’s stock were exchanged, compared to its average volume of 1,099,304. The company has a 50 day simple moving average of $36.86 and a 200-day simple moving average of $45.58. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 7.53. Sinclair Broadcast Group has a fifty-two week low of $25.14 and a fifty-two week high of $66.57. The firm has a market capitalization of $2.85 billion, a P/E ratio of 7.37 and a beta of 1.09.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, November 6th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of $0.33 by ($0.98). Sinclair Broadcast Group had a return on equity of 25.47% and a net margin of 5.99%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the prior year, the business earned $0.62 earnings per share. The firm’s quarterly revenue was up 46.9% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.80 annualized dividend and a yield of 2.63%. Sinclair Broadcast Group’s dividend payout ratio is presently 23.88%.

Several brokerages recently issued reports on SBGI. Cannonball Research began coverage on shares of Sinclair Broadcast Group in a report on Monday, September 9th. They set a “hold” rating and a $44.00 price target on the stock. Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Thursday, December 5th. BidaskClub lowered shares of Sinclair Broadcast Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 19th. Stephens decreased their price target on shares of Sinclair Broadcast Group from $80.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, November 19th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. began coverage on shares of Sinclair Broadcast Group in a report on Friday. They set a “neutral” rating and a $37.00 price target on the stock. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $53.00.

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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