Sinclair Broadcast Group, Inc. (SBGI) Downgraded to Hold at ValuEngine

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other research analysts have also recently issued reports on the company. B. Riley lifted their price objective on Sinclair Broadcast Group from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday. FBR & Co began coverage on Sinclair Broadcast Group in a research note on Tuesday. They set a “buy” rating and a $43.00 price objective for the company. Deutsche Bank AG began coverage on Sinclair Broadcast Group in a research note on Friday, October 20th. They set a “buy” rating and a $46.00 price objective for the company. Zacks Investment Research upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Wednesday, October 4th. Finally, Wells Fargo & Company reiterated an “outperform” rating and set a $55.00 price objective on shares of Sinclair Broadcast Group in a research note on Monday, October 2nd. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $44.80.

Sinclair Broadcast Group (NASDAQ SBGI) opened at $30.00 on Friday. The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 3.46. The company has a market cap of $3,147.72, a PE ratio of 12.93, a price-to-earnings-growth ratio of 7.54 and a beta of 1.92.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.13). The company had revenue of $670.90 million for the quarter, compared to analysts’ expectations of $671.42 million. Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 24.41%. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.54 EPS. analysts expect that Sinclair Broadcast Group will post 2.03 earnings per share for the current fiscal year.

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In other news, Director Howard E. Friedman sold 1,010 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $31.98, for a total value of $32,299.80. Following the completion of the transaction, the director now owns 10,990 shares in the company, valued at $351,460.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.20% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Alps Advisors Inc. raised its stake in shares of Sinclair Broadcast Group by 0.3% in the second quarter. Alps Advisors Inc. now owns 11,636 shares of the company’s stock worth $383,000 after purchasing an additional 30 shares during the last quarter. Kissinger Financial Services LLC increased its position in Sinclair Broadcast Group by 0.5% during the second quarter. Kissinger Financial Services LLC now owns 8,742 shares of the company’s stock valued at $287,000 after acquiring an additional 45 shares during the last quarter. Teacher Retirement System of Texas increased its position in Sinclair Broadcast Group by 2.7% during the second quarter. Teacher Retirement System of Texas now owns 6,141 shares of the company’s stock valued at $202,000 after acquiring an additional 164 shares during the last quarter. Amalgamated Bank increased its position in Sinclair Broadcast Group by 3.1% during the second quarter. Amalgamated Bank now owns 8,929 shares of the company’s stock valued at $294,000 after acquiring an additional 269 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Sinclair Broadcast Group by 9.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,170 shares of the company’s stock valued at $104,000 after acquiring an additional 273 shares during the last quarter. Hedge funds and other institutional investors own 81.27% of the company’s stock.

Sinclair Broadcast Group Company Profile

Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.

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