Sinclair Broadcast Group Inc. (SBGI) Stock Price Down 1.7%
Sinclair Broadcast Group Inc. (NASDAQ:SBGI)’s share price fell 1.7% on Friday . The company traded as low as $30.29 and last traded at $30.40, with a volume of 412,730 shares. The stock had previously closed at $30.93.
Separately, Zacks Investment Research cut Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Wednesday, April 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $37.59.
The firm has a market capitalization of $2.89 billion and a P/E ratio of 17.00. The company’s 50-day moving average is $30.68 and its 200-day moving average is $31.00.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings data on Wednesday, May 4th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. The firm earned $578.90 million during the quarter, compared to analysts’ expectations of $568.57 million. During the same quarter last year, the business earned $0.25 earnings per share. The business’s quarterly revenue was up 14.7% on a year-over-year basis. On average, equities analysts anticipate that Sinclair Broadcast Group Inc. will post $3.23 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were given a $0.18 dividend. This is an increase from Sinclair Broadcast Group’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Friday, May 27th. This represents a $0.72 dividend on an annualized basis and a yield of 2.37%.
A number of institutional investors have recently bought and sold shares of SBGI. Dimensional Fund Advisors LP raised its position in 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 worth $50,979,000 after buying an additional 224,925 shares during the period. US Bancorp DE raised its position in 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 period. Deere & Co. purchased a new position in Sinclair Broadcast Group during the fourth quarter worth $1,578,000. Beach Point Capital Management LP raised its position in Sinclair Broadcast Group by 2.0% in the fourth quarter. Beach Point Capital Management LP now owns 840,418 shares of the company’s stock worth $27,347,000 after buying an additional 16,224 shares during the period. Finally, Morgan Stanley raised its position in Sinclair Broadcast Group by 22.3% in the fourth quarter. Morgan Stanley now owns 940,911 shares of the company’s stock worth $30,617,000 after buying an additional 171,468 shares during the period.
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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