Morgan Stanley cut its stake in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 67.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,723 shares of the company’s stock after selling 289,187 shares during the period. Morgan Stanley owned 0.15% of Sinclair Broadcast Group worth $7,493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of SBGI. Advisors Preferred LLC bought a new position in shares of Sinclair Broadcast Group during the second quarter valued at approximately $37,000. Meeder Asset Management Inc. grew its stake in Sinclair Broadcast Group by 766.7% in the second quarter. Meeder Asset Management Inc. now owns 1,300 shares of the company’s stock worth $70,000 after purchasing an additional 1,150 shares in the last quarter. Sun Life Financial INC bought a new position in Sinclair Broadcast Group in the second quarter worth approximately $72,000. FNY Investment Advisers LLC bought a new position in Sinclair Broadcast Group in the second quarter worth approximately $80,000. Finally, Steward Partners Investment Advisory LLC bought a new position in Sinclair Broadcast Group in the second quarter worth approximately $91,000. Institutional investors and hedge funds own 64.89% of the company’s stock.
SBGI has been the topic of several research analyst reports. Stephens set a $80.00 price objective on Sinclair Broadcast Group and gave the stock a “buy” rating in a research note on Wednesday, August 21st. BidaskClub cut Sinclair Broadcast Group from a “sell” rating to a “strong sell” rating in a research note on Monday, October 28th. Benchmark reissued a “buy” rating and issued a $80.00 price objective (down previously from $90.00) on shares of Sinclair Broadcast Group in a research note on Thursday, August 8th. Zacks Investment Research raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, B. Riley dropped their price objective on Sinclair Broadcast Group from $70.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $58.86.
Shares of SBGI traded up $1.05 during midday trading on Friday, hitting $39.29. 688,800 shares of the company’s stock traded hands, compared to its average volume of 1,204,032. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of 2.59. The firm’s fifty day moving average is $41.37 and its 200-day moving average is $48.52. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 11.73 and a beta of 1.15. Sinclair Broadcast Group Inc has a 1 year low of $25.14 and a 1 year high of $66.57.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, November 6th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.98). Sinclair Broadcast Group had a return on equity of 23.05% and a net margin of 10.60%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the firm posted $0.62 EPS. The business’s revenue for the quarter was up 46.9% on a year-over-year basis. On average, equities research analysts anticipate that Sinclair Broadcast Group Inc will post 2.48 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.80 dividend on an annualized basis and a yield of 2.04%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 23.88%.
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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