Equities analysts expect that Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) will report sales of $670.30 million for the current quarter, according to Zacks. Two analysts have issued estimates for Sinclair Broadcast Group’s earnings, with the highest sales estimate coming in at $672.80 million and the lowest estimate coming in at $667.80 million. Sinclair Broadcast Group posted sales of $666.53 million in the same quarter last year, which suggests a positive year over year growth rate of 0.6%. The company is scheduled to report its next earnings results before the market opens on Wednesday, August 2nd.
On average, analysts expect that Sinclair Broadcast Group will report full-year sales of $670.30 million for the current financial year, with estimates ranging from $2.71 billion to $2.73 billion. For the next year, analysts anticipate that the firm will report sales of $3.02 billion per share, with estimates ranging from $2.98 billion to $3.06 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Sinclair Broadcast Group.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, May 3rd. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.03. Sinclair Broadcast Group had a return on equity of 39.72% and a net margin of 9.91%. The company had revenue of $649.90 million for the quarter, compared to analyst estimates of $646.94 million. During the same period in the prior year, the company posted $0.25 EPS. The company’s revenue was up 12.3% compared to the same quarter last year.
SBGI has been the subject of a number of analyst reports. Benchmark Co. lifted their price target on shares of Sinclair Broadcast Group from $45.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. Stephens set a $46.00 price objective on shares of Sinclair Broadcast Group and gave the company a “buy” rating in a research report on Saturday, June 3rd. ValuEngine upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Tuesday, May 16th. Royal Bank Of Canada restated a “buy” rating and set a $45.00 price objective on shares of Sinclair Broadcast Group in a research report on Wednesday, July 5th. Finally, Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $44.40.
COPYRIGHT VIOLATION WARNING: “Brokerages Anticipate Sinclair Broadcast Group, Inc. (SBGI) Will Announce Quarterly Sales of $670.30 Million” was published by StockNewsTimes and is the property of of StockNewsTimes. If you are reading this piece on another site, it was illegally stolen and republished in violation of U.S. and international trademark & copyright laws. The legal version of this piece can be viewed at https://stocknewstimes.com/2017/08/18/brokerages-anticipate-sinclair-broadcast-group-inc-sbgi-will-announce-quarterly-sales-of-670-30-million-updated-updated.html.
Sinclair Broadcast Group (SBGI) traded up 0.96% during midday trading on Thursday, reaching $36.75. The company had a trading volume of 1,537,556 shares. The stock’s 50 day moving average is $33.99 and its 200 day moving average is $36.17. Sinclair Broadcast Group has a one year low of $24.15 and a one year high of $43.05. The company has a market capitalization of $3.77 billion, a PE ratio of 12.39 and a beta of 1.79.
In other Sinclair Broadcast Group news, Director Lawrence E. Mccanna sold 2,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total transaction of $69,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David D. Smith bought 4,400 shares of the firm’s stock in a transaction on Friday, May 5th. The shares were bought at an average cost of $36.77 per share, for a total transaction of $161,788.00. The disclosure for this purchase can be found here. 28.20% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of SBGI. BlackRock Inc. boosted its stake in Sinclair Broadcast Group by 18,421.8% in the first quarter. BlackRock Inc. now owns 4,884,950 shares of the company’s stock worth $197,842,000 after buying an additional 4,858,576 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Sinclair Broadcast Group by 1,377.9% in the first quarter. Point72 Asset Management L.P. now owns 2,576,060 shares of the company’s stock worth $104,330,000 after buying an additional 2,401,760 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Sinclair Broadcast Group by 4,601.8% in the first quarter. Renaissance Technologies LLC now owns 1,371,571 shares of the company’s stock worth $55,549,000 after buying an additional 1,342,400 shares during the last quarter. Vanguard Group Inc. boosted its stake in Sinclair Broadcast Group by 23.3% in the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock worth $247,078,000 after buying an additional 1,152,147 shares during the last quarter. Finally, Kingdon Capital Management L.L.C. boosted its stake in Sinclair Broadcast Group by 475.5% in the first quarter. Kingdon Capital Management L.L.C. now owns 1,298,732 shares of the company’s stock worth $52,599,000 after buying an additional 1,073,061 shares during the last quarter. 72.02% of the stock is currently owned by hedge funds and other institutional investors.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.
Get a free copy of the Zacks research report on Sinclair Broadcast Group (SBGI)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Sinclair Broadcast Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sinclair Broadcast Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
