Schroder Investment Management Group trimmed its position in Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 27.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 173,300 shares of the company’s stock after selling 65,100 shares during the period. Schroder Investment Management Group’s holdings in Sinclair Broadcast Group were worth $4,913,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board lifted its holdings in shares of Sinclair Broadcast Group by 4,087.0% in the third quarter. Canada Pension Plan Investment Board now owns 418,700 shares of the company’s stock worth $11,870,000 after buying an additional 408,700 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Sinclair Broadcast Group by 9.3% in the third quarter. Massmutual Trust Co. FSB ADV now owns 21,021 shares of the company’s stock worth $596,000 after buying an additional 1,796 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Sinclair Broadcast Group by 1.2% in the third quarter. BlackRock Inc. now owns 5,107,619 shares of the company’s stock worth $144,800,000 after buying an additional 62,065 shares in the last quarter. Martingale Asset Management L P purchased a new stake in shares of Sinclair Broadcast Group in the third quarter worth about $1,104,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Sinclair Broadcast Group by 114.4% in the third quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock worth $211,000 after buying an additional 3,959 shares in the last quarter. 67.45% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on SBGI. ValuEngine raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Tuesday, November 27th. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “hold” rating to a “strong-buy” rating and set a $36.00 price target on the stock in a report on Thursday, November 15th. B. Riley increased their price target on shares of Sinclair Broadcast Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, November 8th. BidaskClub raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Thursday, November 8th. Finally, Guggenheim started coverage on shares of Sinclair Broadcast Group in a research note on Tuesday, October 16th. They issued a “buy” rating and a $40.00 target price on the stock. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Sinclair Broadcast Group currently has a consensus rating of “Buy” and an average price target of $38.60.
Shares of SBGI opened at $30.85 on Friday. The company has a market capitalization of $3.01 billion, a P/E ratio of 11.02 and a beta of 1.30. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 2.43. Sinclair Broadcast Group Inc has a 1-year low of $25.13 and a 1-year high of $40.15.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, November 7th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. The business had revenue of $766.30 million for the quarter, compared to the consensus estimate of $752.56 million. Sinclair Broadcast Group had a net margin of 19.98% and a return on equity of 19.79%. Sinclair Broadcast Group’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period last year, the firm posted $0.30 earnings per share. On average, analysts anticipate that Sinclair Broadcast Group Inc will post 2.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Friday, November 30th will be paid a $0.20 dividend. This is an increase from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Thursday, November 29th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 28.57%.
In related news, Director Lawrence E. Mccanna sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 14th. The shares were sold at an average price of $31.68, for a total value of $158,400.00. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 29.24% of the company’s stock.
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Sinclair Broadcast Group Profile
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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