Bank of Montreal Can Boosts Stake in Sinclair Broadcast Group Inc (SBGI)

Bank of Montreal Can increased its position in Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 342.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 143,190 shares of the company’s stock after purchasing an additional 110,855 shares during the quarter. Bank of Montreal Can’s holdings in Sinclair Broadcast Group were worth $4,059,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in Sinclair Broadcast Group in the second quarter worth $157,000. Cerebellum GP LLC bought a new position in Sinclair Broadcast Group in the third quarter worth $193,000. Hikari Power Ltd bought a new position in Sinclair Broadcast Group in the second quarter worth $279,000. Canada Pension Plan Investment Board bought a new position in Sinclair Broadcast Group in the second quarter worth $322,000. Finally, Engineers Gate Manager LP bought a new position in Sinclair Broadcast Group in the second quarter worth $324,000. 78.11% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have issued reports on SBGI. Guggenheim began coverage on Sinclair Broadcast Group in a report on Tuesday, October 16th. They set a “buy” rating and a $40.00 price objective for the company. BidaskClub raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Friday, October 5th. JPMorgan Chase & Co. began coverage on Sinclair Broadcast Group in a report on Wednesday, September 26th. They set a “neutral” rating and a $32.00 price objective for the company. ValuEngine raised Sinclair Broadcast Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 12th. Finally, B. Riley cut Sinclair Broadcast Group from a “buy” rating to a “neutral” rating and cut their price objective for the company from $36.00 to $33.00 in a report on Thursday, September 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $38.80.

Shares of NASDAQ SBGI opened at $29.50 on Friday. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 10.54 and a beta of 1.28. Sinclair Broadcast Group Inc has a 52-week low of $25.13 and a 52-week high of $40.15. The company has a debt-to-equity ratio of 2.44, a current ratio of 2.96 and a quick ratio of 2.96.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, August 8th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.25. Sinclair Broadcast Group had a return on equity of 19.12% and a net margin of 19.47%. The company had revenue of $730.10 million during the quarter, compared to analysts’ expectations of $715.55 million. During the same period last year, the business earned $0.43 earnings per share. The business’s revenue was up 11.9% on a year-over-year basis. As a group, sell-side analysts predict that Sinclair Broadcast Group Inc will post 2.44 earnings per share for the current year.

Sinclair Broadcast Group Company Profile

Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales 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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Institutional Ownership by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

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