Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Shares Sold by Contrarius Investment Management Ltd

Contrarius Investment Management Ltd decreased its stake in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI – Get Rating) by 13.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,837,997 shares of the company’s stock after selling 584,021 shares during the quarter. Sinclair Broadcast Group comprises about 4.6% of Contrarius Investment Management Ltd’s portfolio, making the stock its 9th biggest holding. Contrarius Investment Management Ltd owned about 5.36% of Sinclair Broadcast Group worth $69,429,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Copeland Capital Management LLC acquired a new position in shares of Sinclair Broadcast Group during the 3rd quarter worth approximately $25,000. HighMark Wealth Management LLC acquired a new position in shares of Sinclair Broadcast Group during the 3rd quarter worth approximately $27,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Sinclair Broadcast Group by 26.8% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,840 shares of the company’s stock worth $58,000 after acquiring an additional 600 shares during the last quarter. New York State Teachers Retirement System acquired a new position in shares of Sinclair Broadcast Group during the 2nd quarter worth approximately $84,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Sinclair Broadcast Group during the 3rd quarter worth approximately $99,000. Institutional investors and hedge funds own 51.14% of the company’s stock.

Sinclair Broadcast Group Price Performance

Shares of SBGI stock traded up $0.12 on Wednesday, hitting $20.75. 62,403 shares of the company’s stock were exchanged, compared to its average volume of 428,933. The company has a debt-to-equity ratio of 6.60, a current ratio of 2.27 and a quick ratio of 2.27. Sinclair Broadcast Group, Inc. has a 12 month low of $14.36 and a 12 month high of $31.04. The stock has a market cap of $1.44 billion, a P/E ratio of 0.60 and a beta of 1.29. The company has a 50 day moving average of $17.37 and a 200 day moving average of $19.66.

Sinclair Broadcast Group (NASDAQ:SBGI – Get Rating) last posted its earnings results on Wednesday, November 2nd. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.19 by $0.17. The firm had revenue of $843.00 million during the quarter, compared to the consensus estimate of $889.66 million. Sinclair Broadcast Group had a negative return on equity of 35.47% and a net margin of 56.44%. The business’s quarterly revenue was down 45.1% on a year-over-year basis. During the same period last year, the company earned $0.51 earnings per share. On average, equities research analysts predict that Sinclair Broadcast Group, Inc. will post 36.81 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SBGI. EF Hutton Acquisition Co. I upped their price objective on Sinclair Broadcast Group from $40.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 5th. JPMorgan Chase & Co. lowered Sinclair Broadcast Group from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $25.00 to $16.00 in a report on Thursday, December 8th. Wells Fargo & Company lowered Sinclair Broadcast Group from an “overweight” rating to an “underweight” rating and decreased their price objective for the company from $30.00 to $16.00 in a report on Wednesday, November 2nd. StockNews.com lowered Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a report on Monday, November 28th. Finally, Rosenblatt Securities cut their target price on Sinclair Broadcast Group from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Thursday, November 3rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sinclair Broadcast Group currently has a consensus rating of “Hold” and an average price target of $27.00.

Sinclair Broadcast Group Profile

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Sinclair Broadcast Group, Inc is a media company engaged in the provision of local sports and news. It operates through the following segments: Broadcast, Local Sports, and Others. The Broadcast segment consists of television stations which offer programming and operating services, and sales and other non-programming operating services.