Zacks Investment Research Downgrades Sinclair Broadcast Group (SBGI) to Sell

Sinclair Broadcast Group (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

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. “

SBGI has been the topic of a number of other reports. ValuEngine raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Wednesday. BidaskClub raised Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Monday. Wolfe Research assumed coverage on Sinclair Broadcast Group in a research note on Friday, December 7th. They issued an “underperform” rating on the stock. B. Riley lifted their price objective on Sinclair Broadcast Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, November 8th. Finally, TheStreet raised Sinclair Broadcast Group from a “c+” rating to a “b-” rating in a research note on Thursday, December 13th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $37.89.

NASDAQ:SBGI opened at $30.17 on Wednesday. The stock has a market cap of $2.72 billion, a PE ratio of 10.78 and a beta of 1.35. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 2.43. Sinclair Broadcast Group has a 1-year low of $25.13 and a 1-year high of $40.15.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, November 7th. The company reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.06. The company had revenue of $766.30 million for the quarter, compared to analysts’ expectations of $752.56 million. Sinclair Broadcast Group had a return on equity of 19.79% and a net margin of 19.98%. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.30 earnings per share. As a group, sell-side analysts anticipate that Sinclair Broadcast Group will post 3.27 earnings per share for the current year.

In other Sinclair Broadcast Group news, Director Lawrence E. Mccanna sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $31.68, for a total value of $158,400.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 29.24% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc lifted its stake in Sinclair Broadcast Group by 4.6% in the third quarter. Vanguard Group Inc now owns 7,225,931 shares of the company’s stock valued at $204,855,000 after buying an additional 320,587 shares during the period. Vanguard Group Inc. raised its position in shares of Sinclair Broadcast Group by 4.6% during the third quarter. Vanguard Group Inc. now owns 7,225,931 shares of the company’s stock worth $204,855,000 after purchasing an additional 320,587 shares during the period. BlackRock Inc. raised its position in shares of Sinclair Broadcast Group by 1.2% during the third quarter. BlackRock Inc. now owns 5,107,619 shares of the company’s stock worth $144,800,000 after purchasing an additional 62,065 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Sinclair Broadcast Group by 12.1% during the third quarter. Dimensional Fund Advisors LP now owns 3,153,923 shares of the company’s stock worth $89,412,000 after purchasing an additional 341,057 shares during the period. Finally, Baupost Group LLC MA raised its position in shares of Sinclair Broadcast Group by 16.7% during the third quarter. Baupost Group LLC MA now owns 3,000,000 shares of the company’s stock worth $85,050,000 after purchasing an additional 428,698 shares during the period. 67.45% of the stock is currently owned by hedge funds and other institutional investors.

About Sinclair Broadcast Group

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.

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