Vanguard Group Inc. increased its stake in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 8.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,620,686 shares of the company’s stock after buying an additional 520,001 shares during the period. Vanguard Group Inc. owned 6.45% of Sinclair Broadcast Group worth $217,820,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in Sinclair Broadcast Group by 30.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,751,184 shares of the company’s stock worth $255,014,000 after buying an additional 1,789,969 shares in the last quarter. BlackRock Inc. lifted its position in Sinclair Broadcast Group by 18,421.8% during the 1st quarter. BlackRock Inc. now owns 4,884,950 shares of the company’s stock worth $197,842,000 after buying an additional 4,858,576 shares in the last quarter. Principal Financial Group Inc. lifted its position in Sinclair Broadcast Group by 201.3% during the 2nd quarter. Principal Financial Group Inc. now owns 4,113,294 shares of the company’s stock worth $135,326,000 after buying an additional 2,748,201 shares in the last quarter. Point72 Asset Management L.P. lifted its position in Sinclair Broadcast Group by 1,377.9% during the 1st quarter. Point72 Asset Management L.P. now owns 2,576,060 shares of the company’s stock worth $104,330,000 after buying an additional 2,401,760 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Sinclair Broadcast Group by 4,601.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,371,571 shares of the company’s stock worth $55,549,000 after buying an additional 1,342,400 shares in the last quarter. Institutional investors and hedge funds own 80.87% of the company’s stock.
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Shares of Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at 30.55 on Monday. Sinclair Broadcast Group, Inc. has a 52 week low of $24.15 and a 52 week high of $43.05. The stock has a 50 day moving average price of $29.91 and a 200-day moving average price of $33.59. The company has a market capitalization of $3.14 billion, a PE ratio of 10.71 and a beta of 1.83.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.43. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The company had revenue of $679.30 million during the quarter, compared to the consensus estimate of $678.23 million. During the same period last year, the company earned $0.52 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that Sinclair Broadcast Group, Inc. will post $2.01 EPS for the current year.
In other Sinclair Broadcast Group news, Director Howard E. Friedman sold 1,010 shares of Sinclair Broadcast Group stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $31.98, for a total value of $32,299.80. Following the completion of the sale, the director now directly owns 10,990 shares in the company, valued at $351,460.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 28.20% of the stock is owned by company insiders.
Several brokerages recently issued reports on SBGI. Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research report on Wednesday, October 4th. ValuEngine raised Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Wells Fargo & Company reissued an “outperform” rating and set a $55.00 price objective on shares of Sinclair Broadcast Group in a report on Monday, October 2nd. Benchmark Co. boosted their price objective on Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $45.00 price objective on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. Eight research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and a consensus target price of $44.86.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.
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