Insider Selling: Sinclair Broadcast Group Inc (SBGI) Insider Sells 977 Shares of Stock

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Sinclair Broadcast Group Inc (NASDAQ:SBGI) insider David R. Bochenek sold 977 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $38.79, for a total transaction of $37,897.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

SBGI stock traded up $0.77 on Friday, hitting $39.31. 1,627,676 shares of the company’s stock traded hands, compared to its average volume of 1,263,485. Sinclair Broadcast Group Inc has a 1-year low of $25.13 and a 1-year high of $39.88. The firm has a market cap of $3.51 billion, a PE ratio of 11.73 and a beta of 1.49. The company has a debt-to-equity ratio of 2.41, a current ratio of 3.12 and a quick ratio of 3.12.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its 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 net margin of 11.17% and a return on equity of 21.77%. The business had revenue of $893.30 million during the quarter, compared to analyst estimates of $878.46 million. During the same period in the prior year, the business earned $4.32 earnings per share. The business’s quarterly revenue was up 25.4% on a year-over-year basis. As a group, sell-side analysts expect that Sinclair Broadcast Group Inc will post 2.17 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 25th. Investors of record on Monday, March 11th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.04%. The ex-dividend date is Friday, March 8th. Sinclair Broadcast Group’s dividend payout ratio is presently 23.88%.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc lifted its stake in Sinclair Broadcast Group by 4.6% during the third quarter. Vanguard Group Inc now owns 7,225,931 shares of the company’s stock valued at $204,855,000 after purchasing an additional 320,587 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Sinclair Broadcast Group by 4.6% during the third quarter. Vanguard Group Inc. now owns 7,225,931 shares of the company’s stock valued at $204,855,000 after acquiring an additional 320,587 shares during the period. BlackRock Inc. raised its holdings in shares of Sinclair Broadcast Group by 1.6% during the fourth quarter. BlackRock Inc. now owns 5,190,505 shares of the company’s stock valued at $136,718,000 after acquiring an additional 82,886 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Sinclair Broadcast Group by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,181,634 shares of the company’s stock valued at $83,805,000 after acquiring an additional 27,711 shares during the period. Finally, Baupost Group LLC MA raised its holdings in shares of Sinclair Broadcast Group by 16.7% during the third quarter. Baupost Group LLC MA now owns 3,000,000 shares of the company’s stock valued at $85,050,000 after acquiring an additional 428,698 shares during the period. 61.47% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on SBGI shares. Zacks Investment Research downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Friday. ValuEngine raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Tuesday, November 27th. BidaskClub raised shares of Sinclair Broadcast Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, February 14th. Wolfe Research started coverage on shares of Sinclair Broadcast Group in a research report on Friday, December 7th. They set an “underperform” rating for the company. Finally, B. Riley boosted their price objective on shares of Sinclair Broadcast Group from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Tuesday, December 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $37.67.

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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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