UBS Asset Management Americas Inc. trimmed its holdings in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 11.5% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 38,671 shares of the company’s stock after selling 5,004 shares during the quarter. UBS Asset Management Americas Inc.’s holdings in Sinclair Broadcast Group were worth $1,272,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SBGI. BlackRock Inc. increased its holdings in Sinclair Broadcast Group by 18,421.8% in 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. grew its stake in shares of 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 valued at $135,326,000 after purchasing an additional 2,748,201 shares during the period. Bank of New York Mellon Corp grew its stake in shares of 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 valued at $255,014,000 after purchasing an additional 1,789,969 shares during the period. Vanguard Group Inc. grew its stake in shares of Sinclair Broadcast Group by 23.3% during the 1st quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock valued at $247,078,000 after purchasing an additional 1,152,147 shares during the period. Finally, Pax World Management LLC bought a new stake in shares of Sinclair Broadcast Group during the 2nd quarter valued at about $14,773,000. Institutional investors own 80.87% of the company’s stock.
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A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Saturday, August 5th. Benchmark Co. boosted their price target on Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Wells Fargo & Company restated an “outperform” rating and set a $55.00 price target on shares of Sinclair Broadcast Group in a research note on Monday, October 2nd. ValuEngine downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Monday, September 11th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $45.00 price target on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Nine research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average target price of $45.00.
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) opened at 30.75 on Friday. Sinclair Broadcast Group, Inc. has a 52-week low of $24.15 and a 52-week high of $43.05. The stock’s 50 day moving average price is $29.93 and its 200-day moving average price is $33.33. The stock has a market capitalization of $3.16 billion, a PE ratio of 10.78 and a beta of 1.83.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, August 2nd. The company reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. The firm had revenue of $679.30 million for the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. Sinclair Broadcast Group’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.52 earnings per share. On average, equities analysts expect that Sinclair Broadcast Group, Inc. will post $2.01 EPS for the current fiscal year.
In related news, Director Howard E. Friedman sold 1,010 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $31.98, for a total transaction of $32,299.80. Following the sale, the director now directly owns 10,990 shares of the company’s stock, valued at $351,460.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 28.20% of the stock is owned by company insiders.
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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