Sinclair Broadcast Group Inc. (NASDAQ:SBGI) fell 2.7% on Tuesday . The company traded as low as $28.95 and last traded at $29.13, with a volume of 540,960 shares trading hands. The stock had previously closed at $29.94.

Separately, Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Friday, July 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $37.59.

The firm has a 50-day moving average of $30.38 and a 200 day moving average of $30.93. The company has a market capitalization of $2.74 billion and a P/E ratio of 16.09.

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

Other large investors have made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of Sinclair Broadcast Group by 16.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,566,726 shares of the company’s stock valued at $50,979,000 after buying an additional 224,925 shares in the last quarter. Morgan Stanley increased its stake in shares of Sinclair Broadcast Group by 22.3% in the fourth quarter. Morgan Stanley now owns 940,911 shares of the company’s stock valued at $30,617,000 after buying an additional 171,468 shares in the last quarter. Russell Frank Co acquired a new stake in shares of Sinclair Broadcast Group during the fourth quarter valued at about $5,450,000. Deere & Co. acquired a new stake in shares of Sinclair Broadcast Group during the fourth quarter valued at about $1,578,000. Finally, Quantitative Investment Management LLC acquired a new stake in shares of Sinclair Broadcast Group during the fourth quarter valued at about $1,503,000.

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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