Sinclair Broadcast Group (NASDAQ:SBGI) had its price target reduced by equities researchers at B. Riley from $70.00 to $61.00 in a report issued on Wednesday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s target price would indicate a potential upside of 40.18% from the company’s current price.
A number of other equities analysts also recently commented on SBGI. Evercore ISI set a $50.00 price objective on Sinclair Broadcast Group and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Benchmark reiterated a “buy” rating and set a $80.00 price objective (down previously from $90.00) on shares of Sinclair Broadcast Group in a research report on Thursday, August 8th. Zacks Investment Research downgraded Sinclair Broadcast Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 9th. ValuEngine downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, BidaskClub downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Sinclair Broadcast Group currently has a consensus rating of “Hold” and a consensus price target of $52.00.
Shares of NASDAQ SBGI traded down $3.98 during midday trading on Wednesday, hitting $43.52. The stock had a trading volume of 490,409 shares, compared to its average volume of 1,362,506. The firm has a market capitalization of $3.98 billion, a P/E ratio of 12.99 and a beta of 1.12. The company’s 50 day simple moving average is $53.43. Sinclair Broadcast Group has a 1 year low of $25.14 and a 1 year high of $66.57. The company has a debt-to-equity ratio of 2.66, a current ratio of 3.12 and a quick ratio of 3.12.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.04. Sinclair Broadcast Group had a return on equity of 22.90% and a net margin of 10.60%. The firm had revenue of $771.00 million for the quarter, compared to the consensus estimate of $764.48 million. During the same quarter last year, the business posted $0.27 earnings per share. The firm’s revenue was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that Sinclair Broadcast Group will post 2.76 earnings per share for the current year.
In other Sinclair Broadcast Group news, insider David D. Smith bought 395,000 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was bought at an average price of $55.10 per share, with a total value of $21,764,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel C. Keith sold 13,250 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $56.58, for a total value of $749,685.00. Following the sale, the director now directly owns 46,000 shares of the company’s stock, valued at approximately $2,602,680. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,250 shares of company stock valued at $1,017,345. 32.30% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of SBGI. Vanguard Group Inc. grew its stake in shares of Sinclair Broadcast Group by 2.6% in the second quarter. Vanguard Group Inc. now owns 6,974,138 shares of the company’s stock valued at $374,023,000 after buying an additional 174,531 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Sinclair Broadcast Group by 33.3% in the second quarter. Renaissance Technologies LLC now owns 4,291,227 shares of the company’s stock valued at $230,139,000 after buying an additional 1,072,664 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Sinclair Broadcast Group by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,181,634 shares of the company’s stock valued at $83,805,000 after buying an additional 27,711 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Sinclair Broadcast Group by 118.5% in the second quarter. JPMorgan Chase & Co. now owns 2,797,608 shares of the company’s stock valued at $148,832,000 after buying an additional 1,517,108 shares in the last quarter. Finally, AJO LP grew its stake in shares of Sinclair Broadcast Group by 964.8% in the first quarter. AJO LP now owns 1,136,315 shares of the company’s stock valued at $43,725,000 after buying an additional 1,029,595 shares in the last quarter. 66.25% of the stock is owned by institutional investors.
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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