FNY Partners Fund LP Sells 7,890 Shares of Sinclair Broadcast Group, Inc. (SBGI)

FNY Partners Fund LP lowered its stake in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 43.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 10,335 shares of the company’s stock after selling 7,890 shares during the quarter. FNY Partners Fund LP’s holdings in Sinclair Broadcast Group were worth $340,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in Sinclair Broadcast Group by 30.0% in the second quarter. Bank of New York Mellon Corp now owns 7,751,184 shares of the company’s stock valued at $255,014,000 after purchasing an additional 1,789,969 shares during the last quarter. Vanguard Group Inc. lifted its position in Sinclair Broadcast Group by 23.3% in the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock valued at $247,078,000 after purchasing an additional 1,152,147 shares during the last quarter. BlackRock Inc. lifted its position in Sinclair Broadcast Group by 18,421.8% in the first quarter. BlackRock Inc. now owns 4,884,950 shares of the company’s stock valued at $197,842,000 after purchasing an additional 4,858,576 shares during the last quarter. Principal Financial Group Inc. lifted its position in Sinclair Broadcast Group by 201.3% in the second quarter. Principal Financial Group Inc. now owns 4,113,294 shares of the company’s stock valued at $135,326,000 after purchasing an additional 2,748,201 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in Sinclair Broadcast Group by 1,377.9% in the first quarter. Point72 Asset Management L.P. now owns 2,576,060 shares of the company’s stock valued at $104,330,000 after purchasing an additional 2,401,760 shares during the last quarter. Hedge funds and other institutional investors own 83.10% of the company’s stock.

Several analysts have weighed in on the company. Benchmark Co. boosted their price objective on Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Zacks Investment Research upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. ValuEngine upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Tuesday, May 16th. Stephens set a $46.00 price objective on Sinclair Broadcast Group and gave the company a “buy” rating in a research report on Saturday, June 3rd. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $45.00 price objective on shares of Sinclair Broadcast Group in a research report on Wednesday, July 5th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $43.50.

In related news, Director Lawrence E. Mccanna sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $34.75, for a total transaction of $69,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 28.20% of the stock is currently owned by company insiders.

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Sinclair Broadcast Group, Inc. (SBGI) traded up 1.06% during trading on Tuesday, hitting $28.65. The stock had a trading volume of 102,473 shares. Sinclair Broadcast Group, Inc. has a 12 month low of $24.15 and a 12 month high of $43.05. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 10.05 and a beta of 1.80. The stock has a 50 day moving average price of $31.53 and a 200-day moving average price of $35.49.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.43. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The firm had revenue of $679.30 million during the quarter, compared to analyst estimates of $678.23 million. During the same period last year, the company earned $0.52 EPS. Sinclair Broadcast Group’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities analysts predict that Sinclair Broadcast Group, Inc. will post $2.01 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Wednesday, August 30th. Sinclair Broadcast Group’s dividend payout ratio is currently 24.83%.

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.

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

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