Sinclair Broadcast Group, Inc. (SBGI) Upgraded to “Buy” at Zacks Investment Research
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $34.00 price target on the stock. Zacks Investment Research‘s target price points to a potential upside of 7.77% from the stock’s previous close.
According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “
A number of other analysts also recently weighed in on SBGI. Benchmark Co. increased their price target on Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Royal Bank Of Canada reissued a “buy” rating and issued a $45.00 price objective on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Wells Fargo & Company reissued an “outperform” rating and issued a $55.00 price objective on shares of Sinclair Broadcast Group in a research note on Monday. Finally, ValuEngine upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Monday. Eight research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and an average price target of $44.86.
Shares of Sinclair Broadcast Group (NASDAQ:SBGI) traded up 3.49% during midday trading on Wednesday, hitting $32.65. The company’s stock had a trading volume of 916,394 shares. Sinclair Broadcast Group has a 1-year low of $24.15 and a 1-year high of $43.05. The company has a 50-day moving average price of $29.54 and a 200 day moving average price of $34.08. The company has a market cap of $3.35 billion, a P/E ratio of 11.45 and a beta of 1.83.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.43. The business had revenue of $679.30 million for the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. Sinclair Broadcast Group’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 earnings per share. On average, equities research analysts predict that Sinclair Broadcast Group will post $2.01 EPS for the current year.
In other news, Director Howard E. Friedman sold 1,010 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the transaction, the director now owns 10,990 shares in the company, valued at $351,460.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 28.20% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of 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 in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Sinclair Broadcast Group by 9.4% during the first quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock worth $131,000 after purchasing an additional 278 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Sinclair Broadcast Group during the second quarter worth approximately $141,000. Teacher Retirement System of Texas raised its position in shares of 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 worth $202,000 after purchasing an additional 164 shares during the period. Finally, M&T Bank Corp acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth approximately $213,000. 80.87% of the stock is owned by hedge funds and other institutional investors.
About Sinclair Broadcast Group
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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