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.
Further Reading: Why do company’s buyback their stock?
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.