Gabelli Funds LLC Acquires 2,000 Shares of Sinclair Broadcast Group, Inc. (SBGI)

Gabelli Funds LLC grew its holdings in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 1.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 197,600 shares of the company’s stock after acquiring an additional 2,000 shares during the period. Gabelli Funds LLC owned about 0.19% of Sinclair Broadcast Group worth $6,333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Sinclair Broadcast Group by 9.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,170 shares of the company’s stock valued at $104,000 after acquiring an additional 273 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Sinclair Broadcast Group by 9.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock valued at $131,000 after acquiring an additional 278 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Sinclair Broadcast Group during the 2nd quarter valued at $141,000. New York State Teachers Retirement System bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter valued at $235,000. Finally, Teacher Retirement System of Texas boosted its holdings in Sinclair Broadcast Group by 2.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 6,141 shares of the company’s stock worth $202,000 after buying an additional 164 shares during the period. 81.21% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Howard E. Friedman sold 1,010 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the sale, the director now directly owns 10,990 shares in the company, valued at approximately $351,460.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 28.20% of the stock is currently owned by corporate insiders.

SBGI has been the subject of several recent analyst reports. ValuEngine downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a report on Monday, September 11th. FBR & Co initiated coverage on shares of Sinclair Broadcast Group in a report on Tuesday, October 31st. They issued a “buy” rating and a $43.00 target price for the company. Deutsche Bank AG initiated coverage on shares of Sinclair Broadcast Group in a report on Friday, October 20th. They issued a “buy” rating and a $46.00 target price for the company. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Saturday, August 5th. Finally, Benchmark Co. upped their target price on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Sinclair Broadcast Group has a consensus rating of “Buy” and an average target price of $44.82.

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Shares of Sinclair Broadcast Group, Inc. (SBGI) opened at $31.75 on Friday. The company has a market cap of $3,260.69, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 7.94 and a beta of 1.92. Sinclair Broadcast Group, Inc. has a one year low of $26.70 and a one year high of $43.05. The company has a quick ratio of 2.65, a current ratio of 1.74 and a debt-to-equity ratio of 3.51.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, November 1st. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.13). The company had revenue of $670.90 million during the quarter, compared to analysts’ expectations of $671.42 million. Sinclair Broadcast Group had a return on equity of 23.27% and a net margin of 9.06%. The firm’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 EPS. equities analysts forecast that Sinclair Broadcast Group, Inc. will post 2 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Thursday, November 30th. Sinclair Broadcast Group’s dividend payout ratio is 27.07%.

About Sinclair Broadcast Group

Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.

Institutional Ownership by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

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