Sinclair Broadcast Group (SBGI) Cut to “Hold” at Zacks Investment Research

Sinclair Broadcast Group (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.

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. “

Several other research analysts have also recently commented on the company. BidaskClub raised Sinclair Broadcast Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 7th. Benchmark increased their price target on Sinclair Broadcast Group from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, February 28th. ValuEngine raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. B. Riley increased their price target on Sinclair Broadcast Group from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Tuesday, December 18th. Finally, TheStreet raised Sinclair Broadcast Group from a “c+” rating to a “b-” rating in a research report on Thursday, December 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $37.67.

Shares of NASDAQ SBGI opened at $38.54 on Friday. Sinclair Broadcast Group has a 52 week low of $25.13 and a 52 week high of $38.94. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 2.41. The company has a market cap of $3.51 billion, a P/E ratio of 11.50 and a beta of 1.49.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, February 27th. The company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.98 by $0.12. Sinclair Broadcast Group had a return on equity of 21.77% and a net margin of 11.17%. The firm had revenue of $893.30 million during the quarter, compared to analysts’ expectations of $878.46 million. During the same period in the prior year, the firm posted $4.32 earnings per share. The business’s quarterly revenue was up 25.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Sinclair Broadcast Group will post 2.17 EPS for the current year.

In other news, VP Barry Faber sold 16,882 shares of the firm’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $34.78, for a total value of $587,155.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David R. Bochenek sold 977 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $38.79, for a total value of $37,897.83. The disclosure for this sale can be found here. Company insiders own 29.24% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Covington Capital Management bought a new position in shares of Sinclair Broadcast Group during the fourth quarter worth approximately $33,000. Enlightenment Research LLC bought a new position in shares of Sinclair Broadcast Group during the fourth quarter worth approximately $53,000. Oppenheimer Asset Management Inc. bought a new position in shares of Sinclair Broadcast Group during the fourth quarter worth approximately $103,000. PNC Financial Services Group Inc. increased its stake in shares of 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 purchasing an additional 3,959 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Sinclair Broadcast Group during the third quarter worth approximately $221,000. Institutional investors own 61.47% of the company’s stock.

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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