Zacks Investment Research lowered shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a hold rating to a strong sell rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “

SBGI has been the subject of a number of other research reports. Evercore ISI reiterated a hold rating and set a $80.00 price target on shares of Fortinet in a research report on Tuesday, May 7th. Benchmark raised their price objective on Sinclair Broadcast Group from $45.00 to $90.00 and gave the company a buy rating in a report on Tuesday, May 7th. BidaskClub cut Xencor from a sell rating to a strong sell rating in a report on Tuesday, June 11th. B. Riley raised their price objective on Airgain from $19.00 to $22.00 and gave the company a buy rating in a report on Monday, May 6th. Finally, Wolfe Research raised Sinclair Broadcast Group from an underperform rating to an outperform rating in a report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $48.67.

Shares of SBGI opened at $58.92 on Tuesday. The company has a market cap of $5.24 billion, a P/E ratio of 17.59 and a beta of 1.15. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 2.66. The firm’s 50-day simple moving average is $54.10. Sinclair Broadcast Group has a 12-month low of $25.13 and a 12-month high of $66.57.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.16). The business had revenue of $722.10 million for the quarter, compared to the consensus estimate of $707.94 million. Sinclair Broadcast Group had a net margin of 10.28% and a return on equity of 20.45%. The business’s revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 EPS. On average, equities research analysts expect that Sinclair Broadcast Group will post 2.76 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.36%. Sinclair Broadcast Group’s dividend payout ratio is 23.88%.

In other Sinclair Broadcast Group news, COO Steven M. Marks sold 3,000 shares of Sinclair Broadcast Group 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider David D. Smith purchased 395,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was bought at an average cost of $55.10 per share, for a total transaction of $21,764,500.00. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 18,250 shares of company stock worth $1,017,345. 29.24% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. Covington Capital Management purchased a new position in shares of Sinclair Broadcast Group during the fourth quarter valued at approximately $33,000. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in shares of Sinclair Broadcast Group during the first quarter valued at approximately $97,000. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Sinclair Broadcast Group during the first quarter valued at approximately $200,000. Pinnacle Associates Ltd. purchased a new position in shares of Sinclair Broadcast Group during the first quarter valued at approximately $201,000. Finally, Quantamental Technologies LLC purchased a new position in shares of Sinclair Broadcast Group during the first quarter valued at approximately $210,000. 65.00% of the stock is currently owned by institutional investors and hedge funds.

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, 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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