Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Cut to Hold at Zacks Investment Research

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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. “

Other analysts have also recently issued reports about the stock. B. Riley upped their target price on shares of Sinclair Broadcast Group from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. FBR & Co assumed coverage on shares of Sinclair Broadcast Group in a research report on Tuesday, October 31st. They set a “buy” rating and a $43.00 target price on the stock. Deutsche Bank AG assumed coverage on shares of Sinclair Broadcast Group in a research report on Friday, October 20th. They issued a “buy” rating and a $46.00 price objective on the stock. ValuEngine raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Finally, Benchmark Co. increased their price objective 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. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $44.82.

Shares of Sinclair Broadcast Group (NASDAQ:SBGI) traded up $0.60 during midday trading on Friday, hitting $33.20. 838,800 shares of the stock traded hands, compared to its average volume of 1,711,086. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.74 and a quick ratio of 1.74. The stock has a market cap of $3,440.00, a PE ratio of 13.76, a price-to-earnings-growth ratio of 8.15 and a beta of 1.92. Sinclair Broadcast Group has a 52-week low of $26.70 and a 52-week high of $43.05.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.13). The business had revenue of $670.90 million for the quarter, compared to analysts’ expectations of $671.42 million. Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. equities analysts forecast that Sinclair Broadcast Group will post 2 EPS for the current fiscal year.

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In related news, Director Howard E. Friedman sold 1,010 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.98, for a total value of $32,299.80. Following the sale, the director now directly owns 10,990 shares of the company’s stock, valued at approximately $351,460.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 28.20% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp grew its stake in Sinclair Broadcast Group by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,606 shares of the company’s stock worth $252,669,000 after acquiring an additional 132,422 shares in the last quarter. Vanguard Group Inc. grew its stake in Sinclair Broadcast Group by 8.5% in the 2nd quarter. Vanguard Group Inc. now owns 6,620,686 shares of the company’s stock worth $217,820,000 after acquiring an additional 520,001 shares in the last quarter. BlackRock Inc. grew its stake in Sinclair Broadcast Group by 18,421.8% in the 1st quarter. BlackRock Inc. now owns 4,884,950 shares of the company’s stock worth $197,842,000 after acquiring an additional 4,858,576 shares in the last quarter. Principal Financial Group Inc. grew its stake in Sinclair Broadcast Group by 15.0% in the 3rd quarter. Principal Financial Group Inc. now owns 4,729,416 shares of the company’s stock worth $151,576,000 after acquiring an additional 616,122 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Sinclair Broadcast Group by 7.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,078,562 shares of the company’s stock worth $66,615,000 after acquiring an additional 140,286 shares in the last quarter. Institutional investors and hedge funds own 84.58% of the company’s stock.

Sinclair Broadcast Group Company Profile

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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