Sentry Investment Management LLC increased its position in Sinclair Broadcast Group Inc. (NASDAQ:SBGI) by 49.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 85,038 shares of the company’s stock after buying an additional 28,142 shares during the period. Sentry Investment Management LLC owned about 0.09% of Sinclair Broadcast Group worth $2,456,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Sinclair Broadcast Group by 3.1% in the second quarter. Vanguard Group Inc. now owns 5,406,277 shares of the company’s stock worth $161,432,000 after buying an additional 161,653 shares during the period. FMR LLC raised its position in Sinclair Broadcast Group by 1.2% in the second quarter. FMR LLC now owns 4,840,822 shares of the company’s stock valued at $144,547,000 after buying an additional 55,136 shares in the last quarter. GMT Capital Corp raised its position in Sinclair Broadcast Group by 4.8% in the second quarter. GMT Capital Corp now owns 4,105,300 shares of the company’s stock valued at $122,584,000 after buying an additional 189,300 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Sinclair Broadcast Group by 18.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,597,931 shares of the company’s stock valued at $77,574,000 after buying an additional 402,273 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Sinclair Broadcast Group by 5.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,774,419 shares of the company’s stock valued at $52,985,000 after buying an additional 85,009 shares in the last quarter. 69.62% of the stock is owned by institutional investors and hedge funds.
Shares of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) opened at 31.95 on Friday. The stock has a 50 day moving average price of $27.65 and a 200-day moving average price of $29.12. Sinclair Broadcast Group Inc. has a one year low of $24.15 and a one year high of $35.89. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 16.72 and a beta of 1.65.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.54 EPS for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.18. Sinclair Broadcast Group had a net margin of 7.16% and a return on equity of 38.65%. The firm earned $693.80 million during the quarter, compared to the consensus estimate of $164.94 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. The firm’s revenue was up 26.5% on a year-over-year basis. On average, equities research analysts expect that Sinclair Broadcast Group Inc. will post $2.66 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Tuesday, November 29th. Sinclair Broadcast Group’s payout ratio is 37.50%.
Several research analysts have weighed in on SBGI shares. Wedbush reduced their target price on Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating on the stock in a report on Tuesday, September 27th. Zacks Investment Research upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Saturday, August 6th. Benchmark Co. reiterated a “buy” rating and set a $44.00 target price on shares of Sinclair Broadcast Group in a report on Thursday, November 3rd. Finally, Stephens upgraded Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 3rd. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $38.13.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of the stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $28.63, for a total value of $57,260.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 29.70% of the stock is owned by insiders.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations.