Insider Buying: Sinclair Broadcast Group Inc (NASDAQ:SBGI) Insider Purchases $21,764,500.00 in Stock
Sinclair Broadcast Group Inc (NASDAQ:SBGI) insider David D. Smith bought 395,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The stock was bought at an average cost of $55.10 per share, for a total transaction of $21,764,500.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
SBGI opened at $59.05 on Friday. The business’s fifty day moving average price is $54.20. The company has a debt-to-equity ratio of 2.66, a quick ratio of 3.12 and a current ratio of 3.12. The stock has a market capitalization of $5.24 billion, a P/E ratio of 17.63 and a beta of 1.15. Sinclair Broadcast Group Inc has a one year low of $25.13 and a one year high of $66.57.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, May 8th. The company reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.16). The firm had revenue of $722.10 million for the quarter, compared to analysts’ expectations of $707.94 million. Sinclair Broadcast Group had a return on equity of 20.45% and a net margin of 10.28%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 earnings per share. Equities analysts anticipate that Sinclair Broadcast Group Inc will post 2.76 EPS for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Federated Investors Inc. PA boosted its position in Sinclair Broadcast Group by 77.6% during the first quarter. Federated Investors Inc. PA now owns 626,286 shares of the company’s stock worth $24,099,000 after purchasing an additional 273,631 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Sinclair Broadcast Group by 33.0% in the first quarter. JPMorgan Chase & Co. now owns 1,280,500 shares of the company’s stock worth $49,274,000 after acquiring an additional 317,424 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its holdings in shares of Sinclair Broadcast Group by 322.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 21,043 shares of the company’s stock worth $554,000 after acquiring an additional 16,062 shares during the last quarter. LSV Asset Management raised its holdings in shares of Sinclair Broadcast Group by 61.2% in the first quarter. LSV Asset Management now owns 937,637 shares of the company’s stock worth $36,080,000 after acquiring an additional 355,804 shares during the last quarter. Finally, Covington Capital Management acquired a new position in shares of Sinclair Broadcast Group in the fourth quarter worth $33,000. Institutional investors own 65.00% of the company’s stock.
SBGI has been the topic of a number of analyst reports. Benchmark lifted their price target on Sinclair Broadcast Group from $45.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. B. Riley lifted their price target on Airgain from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Zacks Investment Research upgraded DLH from a “sell” rating to a “hold” rating in a research note on Tuesday. Evercore ISI restated a “hold” rating and issued a $80.00 price target on shares of Fortinet in a research note on Tuesday, May 7th. Finally, ValuEngine downgraded Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $48.67.
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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