Insider Selling: Sinclair Broadcast Group Inc (NASDAQ:SBGI) Director Sells $106,320.00 in Stock

Sinclair Broadcast Group Inc (NASDAQ:SBGI) Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $53.16, for a total transaction of $106,320.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Shares of SBGI opened at $54.05 on Monday. Sinclair Broadcast Group Inc has a fifty-two week low of $25.13 and a fifty-two week high of $66.57. The company has a market cap of $4.94 billion, a P/E ratio of 16.13 and a beta of 1.25. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 2.66.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, May 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.16). Sinclair Broadcast Group had a return on equity of 20.45% and a net margin of 10.28%. The business had revenue of $722.10 million for the quarter, compared to analysts’ expectations of $707.94 million. During the same period in the previous year, the company earned $0.42 earnings per share. Sinclair Broadcast Group’s quarterly revenue was up 8.5% on a year-over-year basis. On average, research analysts forecast that Sinclair Broadcast Group Inc will post 2.76 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Thursday, May 30th. Sinclair Broadcast Group’s payout ratio is currently 23.88%.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Covington Capital Management purchased a new stake in Sinclair Broadcast Group during the 4th quarter worth approximately $33,000. MERIAN GLOBAL INVESTORS UK Ltd purchased a new stake in shares of Sinclair Broadcast Group in the 1st quarter valued at approximately $97,000. Pinnacle Associates Ltd. purchased a new stake in shares of Sinclair Broadcast Group in the 1st quarter valued at approximately $201,000. Quantamental Technologies LLC purchased a new stake in shares of Sinclair Broadcast Group in the 1st quarter valued at approximately $210,000. Finally, Convergence Investment Partners LLC purchased a new stake in shares of Sinclair Broadcast Group in the 1st quarter valued at approximately $241,000. 65.00% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have recently commented on SBGI. BidaskClub lowered shares of Sinclair Broadcast Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 11th. Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 14th. Benchmark upped their price objective on shares of Sinclair Broadcast Group from $45.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Evercore ISI upgraded shares of Sinclair Broadcast Group from an “in-line” rating to an “outperform” rating and set a $61.00 price objective on the stock in a report on Tuesday, May 7th. Finally, B. Riley upgraded shares of Sinclair Broadcast Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $57.00 in a report on Monday, May 6th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $48.67.

About Sinclair Broadcast Group

Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, sales, and other non-programming operating 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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