Sinclair Broadcast Group Inc (NASDAQ:SBGI) Sees Large Growth in Short Interest

Sinclair Broadcast Group Inc (NASDAQ:SBGI) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 6,124,800 shares, a growth of 82.7% from the June 30th total of 3,352,900 shares. Approximately 9.6% of the shares of the company are short sold. Based on an average trading volume of 1,340,000 shares, the short-interest ratio is presently 4.6 days.

NASDAQ:SBGI traded up $0.23 during mid-day trading on Monday, hitting $45.45. The company’s stock had a trading volume of 1,393,616 shares, compared to its average volume of 1,359,394. Sinclair Broadcast Group has a fifty-two week low of $25.14 and a fifty-two week high of $66.57. The company has a debt-to-equity ratio of 2.66, a current ratio of 3.12 and a quick ratio of 3.12. The firm has a market cap of $4.30 billion, a P/E ratio of 13.57 and a beta of 1.12. The company has a fifty day simple moving average of $53.55.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.04. Sinclair Broadcast Group had a net margin of 10.60% and a return on equity of 22.90%. The firm had revenue of $771.00 million during the quarter, compared to analyst estimates of $764.48 million. During the same quarter in the prior year, the business posted $0.27 earnings per share. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. Sell-side analysts expect that Sinclair Broadcast Group will post 2.76 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.76%. The ex-dividend date is Thursday, August 29th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 23.88%.

In other news, COO Steven M. Marks sold 3,000 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $53.78, for a total transaction of $161,340.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider David D. Smith acquired 395,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were bought at an average cost of $55.10 per share, with a total value of $21,764,500.00. The disclosure for this purchase can be found here. Insiders have sold 18,250 shares of company stock valued at $1,017,345 over the last 90 days. Corporate insiders own 32.30% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in Sinclair Broadcast Group by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,181,634 shares of the company’s stock valued at $83,805,000 after purchasing an additional 27,711 shares during the period. Principal Financial Group Inc. boosted its holdings in Sinclair Broadcast Group by 40.1% in the 4th quarter. Principal Financial Group Inc. now owns 11,715 shares of the company’s stock valued at $309,000 after purchasing an additional 3,354 shares during the period. Legal & General Group Plc boosted its holdings in Sinclair Broadcast Group by 2.2% in the 4th quarter. Legal & General Group Plc now owns 46,818 shares of the company’s stock valued at $1,233,000 after purchasing an additional 998 shares during the period. Amalgamated Bank boosted its holdings in Sinclair Broadcast Group by 37.0% in the 4th quarter. Amalgamated Bank now owns 9,811 shares of the company’s stock valued at $258,000 after purchasing an additional 2,649 shares during the period. Finally, Norges Bank bought a new stake in Sinclair Broadcast Group in the 4th quarter valued at about $37,682,000. 65.32% of the stock is owned by hedge funds and other institutional investors.

SBGI has been the subject of a number of research analyst reports. Evercore ISI set a $50.00 price objective on shares of Sinclair Broadcast Group and gave the company a “hold” rating in a research report on Wednesday, August 7th. BidaskClub lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 9th. B. Riley raised shares of Sinclair Broadcast Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $46.00 to $57.00 in a research report on Monday, May 6th. Finally, ValuEngine lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Sinclair Broadcast Group has an average rating of “Hold” and an average price target of $51.33.

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.

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