Zacks Investment Research cut shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.
According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “
Several other brokerages have also recently commented on SBGI. Evercore ISI reiterated a hold rating and issued a $80.00 target price on shares of Fortinet in a report on Tuesday, May 7th. B. Riley increased their price target on Airgain from $19.00 to $22.00 and gave the stock a buy rating in a report on Monday, May 6th. BidaskClub cut Xencor from a sell rating to a strong sell rating in a report on Tuesday, June 11th. Wolfe Research upgraded Sinclair Broadcast Group from an underperform rating to an outperform rating in a report on Wednesday, April 3rd. Finally, ValuEngine cut Acceleron Pharma from a strong-buy rating to a buy rating in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $48.67.
Shares of NASDAQ SBGI opened at $58.92 on Tuesday. The company has a debt-to-equity ratio of 2.66, a quick ratio of 3.12 and a current ratio of 3.12. The firm has a market capitalization of $5.24 billion, a P/E ratio of 17.59 and a beta of 1.15. Sinclair Broadcast Group has a 12 month low of $25.13 and a 12 month high of $66.57. The business’s 50-day simple moving average is $54.10.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, May 8th. The company reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.16). The business had revenue of $722.10 million for the quarter, compared to analyst estimates of $707.94 million. Sinclair Broadcast Group had a return on equity of 20.45% and a net margin of 10.28%. The firm’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 EPS. As a group, equities research analysts forecast that Sinclair Broadcast Group will post 2.76 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date was Thursday, May 30th. Sinclair Broadcast Group’s dividend payout ratio is currently 23.88%.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $53.16, for a total value of $106,320.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Steven M. Marks sold 3,000 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $53.78, for a total value of $161,340.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,250 shares of company stock worth $1,017,345. 29.24% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of SBGI. Covington Capital Management purchased a new stake in Sinclair Broadcast Group in the 4th quarter valued at $33,000. MERIAN GLOBAL INVESTORS UK Ltd purchased a new stake in Sinclair Broadcast Group in the 1st quarter valued at $97,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Sinclair Broadcast Group in the 1st quarter valued at $200,000. Pinnacle Associates Ltd. purchased a new stake in Sinclair Broadcast Group in the 1st quarter valued at $201,000. Finally, Quantamental Technologies LLC purchased a new stake in Sinclair Broadcast Group in the 1st quarter valued at $210,000. Institutional investors own 65.00% of the company’s stock.
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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