B. Riley upgraded shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a neutral rating to a buy rating in a report released on Monday morning, BenzingaRatingsTable reports. B. Riley currently has $57.00 price target on the stock, up from their prior price target of $46.00.
Several other equities research analysts also recently issued reports on the company. Benchmark restated a buy rating and set a $39.00 price objective on shares of Sinclair Broadcast Group in a report on Monday, January 14th. BidaskClub upgraded Sinclair Broadcast Group from a hold rating to a buy rating in a report on Monday, January 7th. Zacks Investment Research upgraded Sinclair Broadcast Group from a strong sell rating to a buy rating and set a $41.00 price objective on the stock in a report on Tuesday, March 5th. Finally, ValuEngine upgraded Sinclair Broadcast Group from a hold rating to a buy rating in a report on Thursday, April 18th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $45.67.
Shares of NASDAQ:SBGI opened at $60.48 on Monday. The stock has a market cap of $4.11 billion, a P/E ratio of 18.05 and a beta of 1.56. 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 has a one year low of $25.13 and a one year high of $63.18.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced 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. The business had revenue of $893.30 million for the quarter, compared to the consensus estimate of $878.46 million. Sinclair Broadcast Group had a return on equity of 21.77% and a net margin of 11.17%. The company’s revenue was up 25.4% on a year-over-year basis. During the same period last year, the business posted $4.32 EPS. On average, equities analysts forecast that Sinclair Broadcast Group will post 2.28 earnings per share for the current year.
In other Sinclair Broadcast Group news, Vice Chairman David B. Amy sold 22,032 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $38.38, for a total transaction of $845,588.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Barry Faber sold 16,882 shares of the business’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $34.78, for a total value of $587,155.96. The disclosure for this sale can be found here. Insiders have sold a total of 182,893 shares of company stock valued at $6,987,659 in the last 90 days. Insiders own 29.24% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Covington Capital Management acquired a new position in Sinclair Broadcast Group during the 4th quarter worth $33,000. Enlightenment Research LLC bought a new stake in shares of Sinclair Broadcast Group in the 4th quarter worth $53,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Sinclair Broadcast Group in the 4th quarter worth $103,000. Quantamental Technologies LLC bought a new stake in shares of Sinclair Broadcast Group in the 1st quarter worth $210,000. Finally, Convergence Investment Partners LLC bought a new stake in shares of Sinclair Broadcast Group in the 1st quarter worth $241,000. Institutional investors own 65.20% of the company’s stock.
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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