Meeder Asset Management Inc. raised its position in Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 766.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,300 shares of the company’s stock after acquiring an additional 1,150 shares during the quarter. Meeder Asset Management Inc.’s holdings in Sinclair Broadcast Group were worth $70,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Eagle Asset Management Inc. acquired a new position in Sinclair Broadcast Group in the 2nd quarter valued at about $37,659,000. Chicago Equity Partners LLC grew its position in Sinclair Broadcast Group by 473.0% in the 2nd quarter. Chicago Equity Partners LLC now owns 73,727 shares of the company’s stock valued at $3,954,000 after acquiring an additional 60,860 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in Sinclair Broadcast Group in the 2nd quarter valued at about $804,000. S. Muoio & CO. LLC acquired a new position in Sinclair Broadcast Group in the 2nd quarter valued at about $536,000. Finally, Envestnet Asset Management Inc. grew its position in Sinclair Broadcast Group by 306.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 68,365 shares of the company’s stock valued at $3,666,000 after acquiring an additional 51,552 shares in the last quarter. 67.14% of the stock is owned by institutional investors.
SBGI stock opened at $42.93 on Wednesday. The business has a 50 day moving average price of $50.26 and a 200 day moving average price of $46.99. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 12.81 and a beta of 1.12. Sinclair Broadcast Group Inc has a fifty-two week low of $25.14 and a fifty-two week high of $66.57. The company has a quick ratio of 3.11, a current ratio of 3.11 and a debt-to-equity ratio of 2.59.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.86%. The ex-dividend date is Thursday, August 29th. Sinclair Broadcast Group’s payout ratio is 23.88%.
In other Sinclair Broadcast Group news, insider David D. Smith bought 395,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was purchased at an average price of $55.10 per share, for a total transaction of $21,764,500.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Steven M. Marks sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $53.78, for a total value of $161,340.00. The disclosure for this sale can be found here. 32.30% of the stock is owned by insiders.
SBGI has been the subject of several research reports. ValuEngine downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Stephens set a $80.00 price objective on Sinclair Broadcast Group and gave the stock a “buy” rating in a research report on Wednesday, August 21st. B. Riley lowered their price objective on Sinclair Broadcast Group from $70.00 to $61.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Benchmark reissued a “buy” rating and set a $80.00 price objective (down from $90.00) on shares of Sinclair Broadcast Group in a research report on Thursday, August 8th. Finally, Evercore ISI set a $50.00 price objective on Sinclair Broadcast Group and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Sinclair Broadcast Group presently has a consensus rating of “Hold” and an average target price of $56.00.
Sinclair Broadcast Group Company Profile
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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