ValuEngine Upgrades Sinclair Broadcast Group (SBGI) to Buy

Sinclair Broadcast Group (NASDAQ:SBGI) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Several other analysts have also recently weighed in on the stock. B. Riley upped their price objective on shares of Sinclair Broadcast Group from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, November 27th. Ameriprise Financial reissued a “buy” rating and set a $45.00 price target (up from $43.00) on shares of Sinclair Broadcast Group in a research note on Friday, November 3rd. Zacks Investment Research cut shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 4th. FBR & Co started coverage on shares of Sinclair Broadcast Group in a research note on Tuesday, October 31st. They set a “buy” rating and a $43.00 price target on the stock. Finally, Deutsche Bank started coverage on shares of Sinclair Broadcast Group in a research note on Friday, October 20th. They set a “buy” rating and a $46.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $44.91.

Shares of Sinclair Broadcast Group (NASDAQ:SBGI) opened at $33.65 on Monday. The company has a debt-to-equity ratio of 3.51, a quick ratio of 1.74 and a current ratio of 1.74. The firm has a market cap of $3,520.24, a PE ratio of 14.60, a price-to-earnings-growth ratio of 8.65 and a beta of 1.92. Sinclair Broadcast Group has a 52 week low of $26.70 and a 52 week high of $43.05.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, November 1st. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13). The firm had revenue of $670.90 million for the quarter, compared to the consensus estimate of $671.42 million. Sinclair Broadcast Group had a return on equity of 23.27% and a net margin of 9.06%. Sinclair Broadcast Group’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 earnings per share. sell-side analysts predict that Sinclair Broadcast Group will post 2 EPS for the current fiscal year.

In other Sinclair Broadcast Group news, Director Howard E. Friedman sold 1,010 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total value of $32,299.80. Following the transaction, the director now directly owns 10,990 shares of the company’s stock, valued at $351,460.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 28.20% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. boosted its stake in Sinclair Broadcast Group by 0.3% in the second quarter. Alps Advisors Inc. now owns 11,636 shares of the company’s stock valued at $383,000 after acquiring an additional 30 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Sinclair Broadcast Group by 2.7% in 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 boosted its stake in Sinclair Broadcast Group by 3.1% in 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. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sinclair Broadcast Group by 9.4% in 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. Finally, Sound Point Capital Management LP boosted its stake in Sinclair Broadcast Group by 0.3% in the second quarter. Sound Point Capital Management LP now owns 300,622 shares of the company’s stock valued at $9,890,000 after acquiring an additional 895 shares during the last quarter. 84.80% of the stock is currently owned by hedge funds and other institutional investors.

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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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