Zacks Investment Research Lowers Sinclair Broadcast Group, Inc. (SBGI) to Hold

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday, November 4th.

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 equities research analysts have also commented on SBGI. Benchmark Co. boosted their target price on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. ValuEngine lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $55.00 price target on shares of Sinclair Broadcast Group in a research note on Monday, October 2nd. Deutsche Bank AG began coverage on Sinclair Broadcast Group in a research note on Friday, October 20th. They set a “buy” rating and a $46.00 price target for the company. Finally, FBR & Co began coverage on Sinclair Broadcast Group in a research note on Tuesday, October 31st. They set a “buy” rating and a $43.00 price target for the company. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $44.82.

Sinclair Broadcast Group (NASDAQ SBGI) traded down $0.30 during trading hours on Friday, reaching $31.10. 1,014,900 shares of the company were exchanged, compared to its average volume of 1,724,114. Sinclair Broadcast Group has a 1 year low of $26.70 and a 1 year high of $43.05. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 3.51. The stock has a market cap of $3,193.38, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 7.85 and a beta of 1.92.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.13). The firm had revenue of $670.90 million during the quarter, compared to analysts’ expectations of $671.42 million. Sinclair Broadcast Group had a net margin of 4.85% and a return on equity of 10.68%. The business’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the business earned $0.54 earnings per share. equities research analysts anticipate that Sinclair Broadcast Group will post 2 earnings per share for the current year.

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In other news, Director Howard E. Friedman sold 1,010 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $31.98, for a total transaction of $32,299.80. Following the completion of the sale, the director now owns 10,990 shares in the company, valued at approximately $351,460.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.20% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in SBGI. Alps Advisors Inc. raised its position in shares of Sinclair Broadcast Group by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 11,636 shares of the company’s stock valued at $383,000 after acquiring an additional 30 shares in the last quarter. Kissinger Financial Services LLC raised its position in shares of Sinclair Broadcast Group by 0.5% during the 2nd quarter. Kissinger Financial Services LLC now owns 8,742 shares of the company’s stock valued at $287,000 after acquiring an additional 45 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of Sinclair Broadcast Group by 2.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 6,141 shares of the company’s stock valued at $202,000 after acquiring an additional 164 shares in the last quarter. Amalgamated Bank raised its position in shares of Sinclair Broadcast Group by 3.1% during the 2nd quarter. Amalgamated Bank now owns 8,929 shares of the company’s stock valued at $294,000 after acquiring an additional 269 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Sinclair Broadcast Group by 9.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,170 shares of the company’s stock valued at $104,000 after acquiring an additional 273 shares in the last quarter. Institutional investors own 83.93% of the company’s stock.

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.

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