Zacks Research Upgrades Sinclair (NASDAQ:SBGI) to Hold

Sinclair (NASDAQ:SBGI) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

SBGI has been the topic of several other reports. Wall Street Zen downgraded shares of Sinclair from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. upped their price objective on Sinclair from $14.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, August 21st. Finally, Weiss Ratings raised Sinclair from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 25th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.40.

Sinclair Stock Down 1.8%

NASDAQ:SBGI opened at $13.55 on Tuesday. The firm has a 50-day simple moving average of $14.16 and a two-hundred day simple moving average of $14.25. The company has a debt-to-equity ratio of 13.28, a quick ratio of 1.94 and a current ratio of 1.94. Sinclair has a fifty-two week low of $12.46 and a fifty-two week high of $17.88. The firm has a market cap of $979.94 million, a P/E ratio of 18.07 and a beta of 1.05.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.82). Sinclair had a net margin of 1.60% and a negative return on equity of 16.09%. The company had revenue of $840.00 million for the quarter, compared to the consensus estimate of $838.99 million. During the same quarter last year, the company earned ($0.91) EPS. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. Analysts predict that Sinclair will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Daniel C. Keith sold 17,000 shares of Sinclair stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $15.02, for a total transaction of $255,340.00. Following the transaction, the director owned 25,122 shares in the company, valued at approximately $377,332.44. The trade was a 40.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David B. Gibber sold 29,246 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $13.74, for a total transaction of $401,840.04. Following the completion of the transaction, the executive vice president directly owned 184,244 shares of the company’s stock, valued at $2,531,512.56. This represents a 13.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 42.10% of the company’s stock.

Institutional Investors Weigh In On Sinclair

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Sinclair by 5.9% during the 4th quarter. Vanguard Group Inc. now owns 3,934,311 shares of the company’s stock valued at $60,195,000 after buying an additional 220,623 shares in the last quarter. Converium Capital Inc. lifted its holdings in shares of Sinclair by 15.8% in the first quarter. Converium Capital Inc. now owns 1,062,452 shares of the company’s stock worth $13,748,000 after buying an additional 144,674 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Sinclair by 7.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company’s stock worth $21,001,000 after acquiring an additional 113,788 shares during the last quarter. Madison Avenue Partners LP bought a new position in shares of Sinclair during the fourth quarter worth $13,918,000. Finally, UBS Group AG grew its stake in Sinclair by 46.7% during the fourth quarter. UBS Group AG now owns 180,880 shares of the company’s stock valued at $2,767,000 after acquiring an additional 57,616 shares in the last quarter. 41.71% of the stock is owned by institutional investors.

About Sinclair

Sinclair Broadcast Group, Inc (NASDAQ: SBGI) is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.