ValuEngine Lowers Sinclair Broadcast Group (NASDAQ:SBGI) to Strong Sell

Sinclair Broadcast Group (NASDAQ:SBGI) was downgraded by stock analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a note issued to investors on Thursday, ValuEngine reports.

Other research analysts have also issued reports about the company. Benchmark cut their price objective on Sinclair Broadcast Group from $49.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Zacks Investment Research lowered Sinclair Broadcast Group from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. TheStreet lowered Sinclair Broadcast Group from a “b” rating to a “c” rating in a report on Monday, December 9th. B. Riley lowered Sinclair Broadcast Group from a “buy” rating to a “neutral” rating and cut their price objective for the company from $35.00 to $22.00 in a report on Wednesday, March 18th. Finally, JPMorgan Chase & Co. assumed coverage on Sinclair Broadcast Group in a research note on Friday, December 13th. They issued a “neutral” rating and a $37.00 target price on the stock. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $43.13.

NASDAQ:SBGI traded up $1.92 during mid-day trading on Thursday, hitting $14.17. 2,351,933 shares of the company’s stock traded hands, compared to its average volume of 2,262,287. The company has a fifty day moving average of $21.42 and a 200 day moving average of $32.57. Sinclair Broadcast Group has a twelve month low of $10.57 and a twelve month high of $66.57. The company has a market capitalization of $1.12 billion, a P/E ratio of 27.78 and a beta of 1.42. The company has a debt-to-equity ratio of 7.43, a quick ratio of 2.57 and a current ratio of 2.57.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.61). The firm had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.62 billion. Sinclair Broadcast Group had a net margin of 1.13% and a return on equity of 17.71%. The firm’s revenue for the quarter was up 81.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.10 earnings per share. On average, research analysts expect that Sinclair Broadcast Group will post 2.87 earnings per share for the current fiscal year.

In other Sinclair Broadcast Group news, major shareholder Frederick G. Smith purchased 300,000 shares of the stock in a transaction on Tuesday, March 17th. The shares were bought at an average price of $10.94 per share, for a total transaction of $3,282,000.00. 32.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. Rhumbline Advisers boosted its position in Sinclair Broadcast Group by 0.9% during the fourth quarter. Rhumbline Advisers now owns 65,861 shares of the company’s stock worth $2,196,000 after purchasing an additional 615 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in Sinclair Broadcast Group by 27.0% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 3,102 shares of the company’s stock worth $103,000 after purchasing an additional 659 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Sinclair Broadcast Group by 2,016.2% during the third quarter. Tower Research Capital LLC TRC now owns 783 shares of the company’s stock worth $33,000 after purchasing an additional 746 shares in the last quarter. Amalgamated Bank boosted its position in Sinclair Broadcast Group by 6.1% during the fourth quarter. Amalgamated Bank now owns 15,984 shares of the company’s stock worth $533,000 after purchasing an additional 925 shares in the last quarter. Finally, Orion Portfolio Solutions LLC purchased a new position in Sinclair Broadcast Group during the fourth quarter worth approximately $39,000. Institutional investors own 66.59% of the company’s stock.

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.

Read More: Cost of Goods Sold (COGS)

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Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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