Sinclair Broadcast Group (NASDAQ:SBGI) Downgraded by ValuEngine

ValuEngine cut shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a sell rating to a strong sell rating in a report issued on Thursday morning, ValuEngine reports.

Several other research firms also recently weighed in on SBGI. TheStreet downgraded Sinclair Broadcast Group from a b rating to a c rating in a research report on Monday, December 9th. JPMorgan Chase & Co. began coverage on Sinclair Broadcast Group in a research report on Friday, December 13th. They issued a neutral rating and a $37.00 price objective on the stock. BidaskClub cut Sinclair Broadcast Group from a sell rating to a strong sell rating in a report on Tuesday, February 25th. B. Riley cut Sinclair Broadcast Group from a buy rating to a neutral rating and lowered their target price for the stock from $35.00 to $22.00 in a report on Wednesday, March 18th. Finally, Zacks Investment Research cut Sinclair Broadcast Group from a hold rating to a strong sell rating in a report on Tuesday, March 10th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $43.13.

Shares of Sinclair Broadcast Group stock traded up $1.92 during trading hours on Thursday, reaching $14.17. 2,351,933 shares of the stock traded hands, compared to its average volume of 2,262,287. Sinclair Broadcast Group has a one year low of $10.57 and a one year high of $66.57. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 7.43. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 27.78 and a beta of 1.42. The company has a 50 day moving average price of $21.42 and a 200 day moving average price of $32.57.

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

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Monday, March 9th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.65%. The ex-dividend date was Friday, March 6th. Sinclair Broadcast Group’s dividend payout ratio is presently 26.94%.

In other news, major shareholder Frederick G. Smith acquired 300,000 shares of the business’s stock in a transaction dated Tuesday, March 17th. The shares were acquired at an average cost of $10.94 per share, with a total value of $3,282,000.00. 32.30% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. FMR LLC grew its holdings in Sinclair Broadcast Group by 15.7% during the fourth quarter. FMR LLC now owns 9,316,100 shares of the company’s stock worth $310,599,000 after acquiring an additional 1,267,227 shares during the period. Norges Bank acquired a new stake in Sinclair Broadcast Group in the fourth quarter valued at approximately $43,387,000. American Financial Group Inc. grew its holdings in Sinclair Broadcast Group by 39.2% in the fourth quarter. American Financial Group Inc. now owns 780,624 shares of the company’s stock valued at $26,026,000 after purchasing an additional 220,000 shares during the period. Capital Management Corp VA grew its holdings in Sinclair Broadcast Group by 84.0% in the fourth quarter. Capital Management Corp VA now owns 517,738 shares of the company’s stock valued at $17,261,000 after purchasing an additional 236,388 shares during the period. Finally, Hawk Ridge Capital Management LP acquired a new stake in Sinclair Broadcast Group in the fourth quarter valued at approximately $15,960,000. 66.59% 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, 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.

Featured Story: Buyback For Investors Defined

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

Receive News & Ratings for Sinclair Broadcast Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sinclair Broadcast Group and related companies with MarketBeat.com's FREE daily email newsletter.