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.
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.
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