Sinclair Broadcast Group Inc (SBGI) Stake Lifted by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP lifted its position in Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 32.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,812,866 shares of the company’s stock after purchasing an additional 688,400 shares during the period. Dimensional Fund Advisors LP owned about 2.75% of Sinclair Broadcast Group worth $90,435,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of Sinclair Broadcast Group in the first quarter worth approximately $151,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Sinclair Broadcast Group in the second quarter worth approximately $157,000. Clinton Group Inc. bought a new position in shares of Sinclair Broadcast Group in the first quarter worth approximately $211,000. Silvant Capital Management LLC bought a new position in shares of Sinclair Broadcast Group in the first quarter worth approximately $221,000. Finally, GWM Advisors LLC bought a new position in shares of Sinclair Broadcast Group in the first quarter worth approximately $239,000. Hedge funds and other institutional investors own 78.04% of the company’s stock.
Several research analysts have recently issued reports on SBGI shares. TheStreet upgraded shares of Sinclair Broadcast Group from a “c+” rating to a “b” rating in a report on Friday, June 29th. B. Riley cut their target price on shares of Sinclair Broadcast Group from $49.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, July 17th. BidaskClub upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Thursday, June 28th. Stephens set a $35.00 target price on shares of Sinclair Broadcast Group and gave the stock a “buy” rating in a report on Thursday, August 9th. Finally, Royal Bank of Canada cut their target price on shares of Sinclair Broadcast Group from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, August 10th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $40.91.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, August 8th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.25. The business had revenue of $730.10 million for the quarter, compared to analysts’ expectations of $715.55 million. Sinclair Broadcast Group had a net margin of 19.47% and a return on equity of 19.12%. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 earnings per share. analysts predict that Sinclair Broadcast Group Inc will post 2.65 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Friday, August 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.58%. The ex-dividend date is Thursday, August 30th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 25.71%.
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, or sales 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.
Recommended Story: How Important is Technical Analysis of Stocks
Receive News & Ratings for Sinclair Broadcast Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sinclair Broadcast Group and related companies with MarketBeat.com's FREE daily email newsletter.