Eagle Asset Management Inc. Boosts Stake in Sinclair Broadcast Group Inc (NASDAQ:SBGI)

Eagle Asset Management Inc. grew its holdings in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 92.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,353,855 shares of the company’s stock after purchasing an additional 651,644 shares during the quarter. Eagle Asset Management Inc. owned approximately 1.47% of Sinclair Broadcast Group worth $57,863,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SBGI. Advisors Preferred LLC purchased a new position in shares of Sinclair Broadcast Group during the 2nd quarter worth $37,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Sinclair Broadcast Group during the 2nd quarter worth $39,000. Meeder Asset Management Inc. lifted its stake in shares of Sinclair Broadcast Group by 766.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,300 shares of the company’s stock worth $70,000 after purchasing an additional 1,150 shares during the period. Sun Life Financial INC purchased a new position in shares of Sinclair Broadcast Group during the 2nd quarter worth $72,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of Sinclair Broadcast Group during the 2nd quarter worth $80,000. 64.89% of the stock is currently owned by institutional investors.

Shares of SBGI opened at $39.29 on Friday. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of 2.59. The firm has a market capitalization of $3.57 billion, a P/E ratio of 11.73 and a beta of 1.15. The stock’s fifty day simple moving average is $41.37 and its 200 day simple moving average is $48.52. Sinclair Broadcast Group Inc has a twelve month low of $25.14 and a twelve month high of $66.57.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, November 6th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.98). The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Sinclair Broadcast Group had a return on equity of 23.05% and a net margin of 10.60%. The company’s quarterly revenue was up 46.9% compared to the same quarter last year. During the same period last year, the business posted $0.62 earnings per share. Sell-side analysts predict that Sinclair Broadcast Group Inc will post 2.48 earnings per share for the current year.

SBGI has been the topic of a number of recent analyst reports. Evercore ISI set a $50.00 price target on Sinclair Broadcast Group and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Zacks Investment Research raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Tuesday. Benchmark reissued a “buy” rating and set a $80.00 price target (down previously from $90.00) on shares of Sinclair Broadcast Group in a research note on Thursday, August 8th. Wells Fargo & Co initiated coverage on Sinclair Broadcast Group in a research note on Tuesday, September 24th. They set a “market perform” rating and a $48.00 price target on the stock. Finally, B. Riley reduced their price target on Sinclair Broadcast Group from $70.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $58.86.

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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Institutional Ownership by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

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