Sinclair Broadcast Group (NASDAQ:SBGI) Now Covered by Cannonball Research

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Equities researchers at Cannonball Research began coverage on shares of Sinclair Broadcast Group (NASDAQ:SBGI) in a report issued on Monday, TipRanks reports. The brokerage set a “hold” rating and a $44.00 price target on the stock. Cannonball Research’s target price indicates a potential downside of 1.21% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. Zacks Investment Research cut Sinclair Broadcast Group from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 9th. Benchmark restated a “buy” rating and set a $80.00 target price (down from $90.00) on shares of Sinclair Broadcast Group in a report on Thursday, August 8th. B. Riley cut their price target on shares of Sinclair Broadcast Group from $70.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. BidaskClub cut shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Saturday, August 24th. Finally, Stephens set a $80.00 price objective on shares of Sinclair Broadcast Group and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $54.50.

NASDAQ:SBGI traded down $0.04 on Monday, reaching $44.54. The company’s stock had a trading volume of 519,642 shares, compared to its average volume of 1,315,778. Sinclair Broadcast Group has a 1-year low of $25.14 and a 1-year high of $66.57. The company has a debt-to-equity ratio of 2.59, a quick ratio of 3.11 and a current ratio of 3.11. The firm has a market cap of $3.99 billion, a PE ratio of 13.30 and a beta of 1.22. The business’s 50-day moving average price is $46.30 and its two-hundred day moving average price is $47.83.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.04. Sinclair Broadcast Group had a return on equity of 23.05% and a net margin of 10.60%. The company had revenue of $771.00 million for the quarter, compared to analyst estimates of $764.48 million. During the same quarter last year, the firm posted $0.27 earnings per share. Sinclair Broadcast Group’s revenue was up 5.6% compared to the same quarter last year. As a group, sell-side analysts expect that Sinclair Broadcast Group will post 2.47 EPS for the current year.

In other news, insider David D. Smith bought 395,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The shares were acquired at an average price of $55.10 per share, with a total value of $21,764,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible 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 shares were 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 currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Advisors Preferred LLC bought a new stake in shares of Sinclair Broadcast Group in the second quarter worth $37,000. Harvest Fund Management Co. Ltd acquired a new position in Sinclair Broadcast Group during the second quarter worth $39,000. Meeder Asset Management Inc. boosted its holdings in Sinclair Broadcast Group by 766.7% during the second quarter. Meeder Asset Management Inc. now owns 1,300 shares of the company’s stock worth $70,000 after purchasing an additional 1,150 shares during the last quarter. Sun Life Financial INC bought a new position in Sinclair Broadcast Group in the second quarter valued at $72,000. Finally, FNY Investment Advisers LLC bought a new position in Sinclair Broadcast Group in the second quarter valued at $80,000. 64.76% of the stock is owned by institutional investors.

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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Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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