Sinclair Broadcast Group Inc. (NASDAQ:SBGI) fell 1.7% during mid-day trading on Friday . The stock traded as low as $30.29 and last traded at $30.40, with a volume of 412,730 shares changing hands. The stock had previously closed at $30.93.

Separately, Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $37.59.

The firm has a market cap of $2.89 billion and a PE ratio of 17.00. The firm has a 50 day moving average price of $30.66 and a 200-day moving average price of $30.99.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, May 4th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The business had revenue of $578.90 million for the quarter, compared to the consensus estimate of $568.57 million. Sinclair Broadcast Group’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS. On average, equities research analysts predict that Sinclair Broadcast Group Inc. will post $3.23 earnings per share for the current fiscal year.

A number of institutional investors have modified their holdings of the company. GSA Capital Partners LLP raised its position in shares of Sinclair Broadcast Group by 42.7% in the fourth quarter. GSA Capital Partners LLP now owns 33,823 shares of the company’s stock worth $1,101,000 after buying an additional 10,123 shares in the last quarter. US Bancorp DE increased its stake in shares of Sinclair Broadcast Group by 2.5% in the fourth quarter. US Bancorp DE now owns 43,648 shares of the company’s stock worth $1,421,000 after buying an additional 1,057 shares during the last quarter. Quantitative Investment Management LLC purchased a new stake in shares of Sinclair Broadcast Group during the fourth quarter worth about $1,503,000. Deere & Co. purchased a new stake in shares of Sinclair Broadcast Group during the fourth quarter worth about $1,578,000. Finally, Rhumbline Advisers increased its stake in shares of Sinclair Broadcast Group by 5.6% in the fourth quarter. Rhumbline Advisers now owns 72,846 shares of the company’s stock worth $2,370,000 after buying an additional 3,885 shares during the last quarter.

Sinclair Broadcast Group, Inc is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to various television stations in the United States. The Company owns and provides programming and operating services or provides sales services and other non-programming operating services pursuant to contracts to around 164 stations in 79 markets.

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