Sinclair Broadcast Group (SBGI) Hits New 12-Month High at $44.65

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Sinclair Broadcast Group Inc (NASDAQ:SBGI) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $44.65 and last traded at $44.52, with a volume of 9584 shares changing hands. The stock had previously closed at $44.21.

A number of research firms have commented on SBGI. Zacks Investment Research downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Thursday, March 28th. Benchmark raised their target price on shares of Sinclair Broadcast Group from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, February 28th. BidaskClub raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Monday, January 7th. Finally, ValuEngine raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Wednesday, January 9th. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Sinclair Broadcast Group has a consensus rating of “Buy” and a consensus price target of $38.56.

The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 13.55 and a beta of 1.50. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 2.41.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, February 27th. The company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $878.46 million. During the same period last year, the business earned $4.32 EPS. The company’s revenue was up 25.4% compared to the same quarter last year. Equities analysts forecast that Sinclair Broadcast Group Inc will post 2.28 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Monday, March 11th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend was Friday, March 8th. Sinclair Broadcast Group’s dividend payout ratio is currently 23.88%.

In other news, Vice Chairman David B. Amy sold 22,032 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $38.38, for a total value of $845,588.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert E. Smith sold 143,002 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $38.58, for a total transaction of $5,517,017.16. The disclosure for this sale can be found here. Insiders sold a total of 182,893 shares of company stock worth $6,987,659 over the last 90 days. Company insiders own 29.24% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its stake in Sinclair Broadcast Group by 2.2% in the 4th quarter. Legal & General Group Plc now owns 46,818 shares of the company’s stock worth $1,233,000 after purchasing an additional 998 shares in the last quarter. Xact Kapitalforvaltning AB boosted its stake in Sinclair Broadcast Group by 10.5% in the 4th quarter. Xact Kapitalforvaltning AB now owns 12,667 shares of the company’s stock worth $334,000 after purchasing an additional 1,200 shares in the last quarter. Covington Capital Management acquired a new stake in Sinclair Broadcast Group in the 4th quarter worth approximately $33,000. Great West Life Assurance Co. Can boosted its stake in Sinclair Broadcast Group by 18.2% in the 4th quarter. Great West Life Assurance Co. Can now owns 11,500 shares of the company’s stock worth $290,000 after purchasing an additional 1,768 shares in the last quarter. Finally, Enlightenment Research LLC acquired a new stake in Sinclair Broadcast Group in the 4th quarter worth approximately $53,000. Institutional investors own 67.05% of the company’s stock.

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About Sinclair Broadcast Group (NASDAQ:SBGI)

Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, sales, and other non-programming operating 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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