Zacks Investment Research lowered shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a hold rating to a sell rating in a research note published on Wednesday morning.

According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “

SBGI has been the topic of a number of other research reports. B. Riley boosted their price objective on shares of Sinclair Broadcast Group from $33.00 to $35.00 and gave the company a neutral rating in a research report on Thursday, November 8th. BidaskClub raised shares of Sinclair Broadcast Group from a hold rating to a buy rating in a research note on Monday, January 7th. ValuEngine raised shares of Sinclair Broadcast Group from a sell rating to a hold rating in a research note on Wednesday. TheStreet raised shares of Sinclair Broadcast Group from a c+ rating to a b- rating in a research note on Thursday, December 13th. Finally, Guggenheim started coverage on shares of Sinclair Broadcast Group in a research note on Tuesday, October 16th. They set a buy rating and a $40.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Sinclair Broadcast Group has a consensus rating of Hold and a consensus price target of $37.89.

SBGI stock opened at $29.77 on Wednesday. Sinclair Broadcast Group has a 12-month low of $25.13 and a 12-month high of $40.15. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 10.63 and a beta of 1.35. The company has a debt-to-equity ratio of 2.43, a quick ratio of 2.98 and a current ratio of 2.98.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, November 7th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. Sinclair Broadcast Group had a net margin of 19.98% and a return on equity of 19.79%. The firm had revenue of $766.30 million for the quarter, compared to analysts’ expectations of $752.56 million. During the same quarter in the previous year, the company earned $0.30 earnings per share. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. As a group, equities analysts predict that Sinclair Broadcast Group will post 3.27 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, December 17th. Stockholders of record on Friday, November 30th were paid a dividend of $0.20 per share. This is a positive change from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, November 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.69%. Sinclair Broadcast Group’s payout ratio is presently 28.57%.

In other news, Director Lawrence E. Mccanna sold 5,000 shares of Sinclair Broadcast Group stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $31.68, for a total transaction of $158,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 29.24% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Exane Derivatives bought a new stake in shares of Sinclair Broadcast Group during the 3rd quarter valued at about $159,000. Cerebellum GP LLC bought a new stake in Sinclair Broadcast Group during the third quarter worth about $193,000. PNC Financial Services Group Inc. boosted its stake in Sinclair Broadcast Group by 114.4% during the third quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock worth $211,000 after acquiring an additional 3,959 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Sinclair Broadcast Group during the third quarter worth about $221,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in Sinclair Broadcast Group by 355.6% during the third quarter. Steward Partners Investment Advisory LLC now owns 8,200 shares of the company’s stock worth $232,000 after acquiring an additional 6,400 shares in the last quarter. 67.45% of the stock is currently owned by hedge funds and other institutional investors.

About Sinclair Broadcast Group

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.

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