Sinclair Broadcast Group (SBGI) Rating Increased to Buy at BidaskClub

Sinclair Broadcast Group (NASDAQ:SBGI) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.

A number of other research analysts have also issued reports on the company. Zacks Investment Research lowered Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Wednesday. ValuEngine upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Tuesday. Guggenheim began coverage on Sinclair Broadcast Group in a research report on Tuesday, October 16th. They set a “buy” rating and a $40.00 target price on the stock. JPMorgan Chase & Co. began coverage on Sinclair Broadcast Group in a research report on Wednesday, September 26th. They set a “neutral” rating and a $32.00 target price on the stock. Finally, B. Riley lowered Sinclair Broadcast Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $36.00 to $33.00 in a research report on Thursday, September 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $39.00.

Sinclair Broadcast Group stock traded down $0.37 during mid-day trading on Thursday, hitting $31.40. The company had a trading volume of 1,303,178 shares, compared to its average volume of 1,259,866. 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 has a 12-month low of $25.13 and a 12-month high of $40.15. The firm has a market cap of $3.21 billion, a PE ratio of 11.21 and a beta of 1.28.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, November 7th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. Sinclair Broadcast Group had a return on equity of 19.86% and a net margin of 19.98%. The firm had revenue of $766.30 million for the quarter, compared to analyst estimates of $752.56 million. During the same quarter last year, the firm posted $0.30 EPS. The business’s revenue was up 18.9% on a year-over-year basis. On average, equities research analysts forecast that Sinclair Broadcast Group will post 2.44 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in Sinclair Broadcast Group by 1.2% in the 3rd quarter. BlackRock Inc. now owns 5,107,619 shares of the company’s stock valued at $144,800,000 after purchasing an additional 62,065 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Sinclair Broadcast Group by 32.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,812,866 shares of the company’s stock worth $90,435,000 after acquiring an additional 688,400 shares during the last quarter. Glenmede Trust Co. NA increased its stake in shares of Sinclair Broadcast Group by 33.9% in the 2nd quarter. Glenmede Trust Co. NA now owns 1,756,862 shares of the company’s stock worth $56,484,000 after acquiring an additional 444,494 shares during the last quarter. Northern Trust Corp increased its stake in shares of Sinclair Broadcast Group by 7.6% in the 2nd quarter. Northern Trust Corp now owns 997,313 shares of the company’s stock worth $32,064,000 after acquiring an additional 70,518 shares during the last quarter. Finally, American Financial Group Inc. increased its stake in shares of Sinclair Broadcast Group by 26.3% in the 2nd quarter. American Financial Group Inc. now owns 913,049 shares of the company’s stock worth $29,355,000 after acquiring an additional 190,000 shares during the last quarter. Institutional investors own 77.24% of the company’s stock.

About Sinclair Broadcast Group

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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Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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