30.1% Stake of Sinclair Broadcast Group Inc. (SBGI) Held by David D Smith
David D Smith stated that they own a 30.1% stake in Sinclair Broadcast Group Inc. (NASDAQ:SBGI) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Thursday, October 6th. The investor owns 27,993,314 shares of the stock worth $797,809,449. The reporting parties listed on the disclosure included David D Smith, Frederick G Smith, J Duncan Smith and Robert E Smith. The disclosure is available through the SEC website at this hyperlink.
A number of other institutional investors have also added to or reduced their stakes in SBGI. Aperio Group LLC increased its position in Sinclair Broadcast Group by 4.1% in the first quarter. Aperio Group LLC now owns 27,446 shares of the company’s stock worth $844,000 after buying an additional 1,078 shares in the last quarter. Virginia Retirement System bought a new stake in Sinclair Broadcast Group during the first quarter worth about $1,344,000. Ngam Advisors L.P. bought a new stake in Sinclair Broadcast Group during the first quarter worth about $536,000. Teachers Advisors Inc. boosted its stake in Sinclair Broadcast Group by 1.5% in the first quarter. Teachers Advisors Inc. now owns 122,624 shares of the company’s stock worth $3,771,000 after buying an additional 1,852 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in Sinclair Broadcast Group by 1,736.6% in the first quarter. Prudential Financial Inc. now owns 118,661 shares of the company’s stock worth $3,649,000 after buying an additional 112,200 shares during the last quarter. 69.55% of the stock is owned by hedge funds and other institutional investors.
Shares of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) traded up 0.11% during midday trading on Thursday, hitting $28.50. 815,063 shares of the company were exchanged. The company’s 50 day moving average price is $28.42 and its 200 day moving average price is $30.15. The firm has a market cap of $2.69 billion, a P/E ratio of 15.57 and a beta of 1.83. Sinclair Broadcast Group Inc. has a one year low of $25.70 and a one year high of $35.89.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.52. The business had revenue of $666.50 million for the quarter, compared to analysts’ expectations of $658.61 million. Sinclair Broadcast Group had a return on equity of 34.76% and a net margin of 7.28%. Sinclair Broadcast Group’s quarterly revenue was up 20.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 earnings per share. Equities analysts expect that Sinclair Broadcast Group Inc. will post $2.90 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend was Tuesday, August 30th. Sinclair Broadcast Group’s dividend payout ratio is presently 39.34%.
A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Saturday, August 6th. Wedbush cut their target price on Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 27th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $37.42.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $28.63, for a total transaction of $57,260.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 29.70% of the company’s stock.
Sinclair Broadcast Group Company Profile
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations.
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