Sinclair Broadcast Group (SBGI) Stock Rating Lowered by Zacks Investment Research

Sinclair Broadcast Group (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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 research reports. Benchmark upped their price target on shares of Sinclair Broadcast Group from $39.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, February 28th. BidaskClub upgraded shares of Sinclair Broadcast Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 14th. ValuEngine upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. B. Riley upgraded shares of Sinclair Broadcast Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $57.00 in a research note on Monday, May 6th. Finally, Evercore ISI raised shares of Sinclair Broadcast Group from an “in-line” rating to an “outperform” rating and set a $61.00 price objective for the company in a report on Tuesday, May 7th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Sinclair Broadcast Group has an average rating of “Buy” and an average target price of $48.67.

Shares of SBGI opened at $57.31 on Tuesday. Sinclair Broadcast Group has a 52 week low of $25.13 and a 52 week high of $66.57. The stock has a market capitalization of $5.30 billion, a P/E ratio of 17.11 and a beta of 1.56. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 2.41.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.16). Sinclair Broadcast Group had a net margin of 10.28% and a return on equity of 20.22%. The company had revenue of $722.10 million during the quarter, compared to analyst estimates of $707.94 million. During the same quarter last year, the company posted $0.42 EPS. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. Equities analysts expect that Sinclair Broadcast Group will post 2.76 earnings per share for the current year.

In other Sinclair Broadcast Group news, Director Robert E. Smith sold 143,002 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $38.58, for a total value of $5,517,017.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman David B. Amy sold 22,032 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $38.38, for a total transaction of $845,588.16. The disclosure for this sale can be found here. Insiders sold a total of 182,893 shares of company stock valued at $6,987,659 in the last three months. Insiders own 29.24% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. bought a new stake in Sinclair Broadcast Group in the 1st quarter valued at about $26,000. Covington Capital Management bought a new stake in Sinclair Broadcast Group in the 4th quarter valued at about $33,000. Enlightenment Research LLC bought a new stake in Sinclair Broadcast Group in the 4th quarter valued at about $53,000. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter worth approximately $97,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter worth approximately $103,000. 66.16% of the stock is owned by hedge funds and other institutional investors.

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, sales, and other non-programming operating 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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