Sinclair Broadcast Group (SBGI) Lifted to Sell at ValuEngine

ValuEngine upgraded shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a strong sell rating to a sell rating in a research report sent to investors on Wednesday, September 12th.

SBGI has been the topic of several other reports. BidaskClub raised shares of Sinclair Broadcast Group from a hold rating to a buy rating in a research note on Thursday, June 28th. TheStreet raised shares of Sinclair Broadcast Group from a c+ rating to a b rating in a research note on Friday, June 29th. B. Riley reduced their target price on shares of Sinclair Broadcast Group from $49.00 to $36.00 and set a buy rating on the stock in a research report on Tuesday, July 17th. Royal Bank of Canada reduced their target price on shares of Sinclair Broadcast Group from $38.00 to $34.00 and set a buy rating on the stock in a research report on Friday, August 10th. Finally, Zacks Investment Research lowered shares of Sinclair Broadcast Group from a hold rating to a sell rating in a research report on Saturday, August 11th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. Sinclair Broadcast Group has an average rating of Hold and an average price target of $40.17.

Shares of SBGI stock traded down $0.21 on Wednesday, hitting $28.53. The company’s stock had a trading volume of 901,908 shares, compared to its average volume of 1,514,739. The firm has a market cap of $2.90 billion, a PE ratio of 10.19 and a beta of 1.39. 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 fifty-two week low of $25.13 and a fifty-two week high of $40.15.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, August 8th. The company reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.25. Sinclair Broadcast Group had a net margin of 19.47% and a return on equity of 19.12%. The firm had revenue of $730.10 million during the quarter, compared to analyst estimates of $715.55 million. During the same quarter in the previous year, the business earned $0.43 EPS. The business’s revenue was up 11.9% on a year-over-year basis. As a group, analysts forecast that Sinclair Broadcast Group will post 2.53 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Friday, August 31st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Thursday, August 30th. Sinclair Broadcast Group’s dividend payout ratio is currently 25.71%.

Hedge funds have recently made changes to their positions in the business. B. Riley Financial Inc. lifted its stake in shares of Sinclair Broadcast Group by 427.8% during the 2nd quarter. B. Riley Financial Inc. now owns 48,829 shares of the company’s stock worth $1,570,000 after buying an additional 39,577 shares during the last quarter. Alps Advisors Inc. acquired a new stake in shares of Sinclair Broadcast Group during the 2nd quarter worth about $620,000. Gamco Investors INC. ET AL lifted its stake in shares of Sinclair Broadcast Group by 2.4% during the 2nd quarter. Gamco Investors INC. ET AL now owns 257,947 shares of the company’s stock worth $8,293,000 after buying an additional 6,127 shares during the last quarter. Gabelli Funds LLC lifted its stake in shares of Sinclair Broadcast Group by 8.8% during the 2nd quarter. Gabelli Funds LLC now owns 420,334 shares of the company’s stock worth $13,514,000 after buying an additional 34,034 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in shares of Sinclair Broadcast Group by 1.6% during the 2nd quarter. Sei Investments Co. now owns 182,209 shares of the company’s stock worth $5,858,000 after buying an additional 2,933 shares during the last quarter. Hedge funds and other institutional investors own 78.03% 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, 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: Asset Allocation

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Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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