An issue of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) bonds fell 0.4% against their face value during trading on Friday. The high-yield issue of debt has a 5.375% coupon and will mature on April 1, 2021. The bonds in the issue are now trading at $103.38. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
Several brokerages have recently issued reports on SBGI. Stephens upgraded shares of Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 3rd. Benchmark Co. reiterated a “buy” rating and set a $44.00 price target on shares of Sinclair Broadcast Group in a report on Thursday, November 3rd. Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Saturday, August 6th. Finally, Wedbush lowered their price target on shares of Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating for the company in a report on Tuesday, September 27th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $38.13.
Shares of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) traded up 1.25% during mid-day trading on Friday, hitting $32.35. 496,119 shares of the company traded hands. The stock has a market capitalization of $2.93 billion, a PE ratio of 16.93 and a beta of 1.65. The firm’s 50 day moving average price is $27.65 and its 200-day moving average price is $29.12. Sinclair Broadcast Group Inc. has a 1-year low of $24.15 and a 1-year high of $35.89.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, November 2nd. The company reported $0.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by $0.18. The business earned $693.80 million during the quarter, compared to the consensus estimate of $164.94 million. Sinclair Broadcast Group had a return on equity of 38.65% and a net margin of 7.16%. The firm’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share. On average, equities research analysts forecast that Sinclair Broadcast Group Inc. will post $2.66 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Tuesday, November 29th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 37.50%.
In related news, Director Lawrence E. Mccanna sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $31.97, for a total value of $159,850.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.70% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. purchased a new position in shares of Sinclair Broadcast Group during the second quarter valued at approximately $146,000. Tower Research Capital LLC TRC purchased a new position in shares of Sinclair Broadcast Group during the second quarter valued at approximately $156,000. BNP Paribas Arbitrage SA increased its position in shares of Sinclair Broadcast Group by 107.6% in the third quarter. BNP Paribas Arbitrage SA now owns 5,779 shares of the company’s stock valued at $167,000 after buying an additional 2,995 shares during the last quarter. BancorpSouth Inc increased its position in shares of Sinclair Broadcast Group by 1.5% in the third quarter. BancorpSouth Inc now owns 6,932 shares of the company’s stock valued at $200,000 after buying an additional 100 shares during the last quarter. Finally, Capital Fund Management S.A. purchased a new position in shares of Sinclair Broadcast Group during the third quarter valued at approximately $204,000. 69.62% of the stock is owned by hedge funds and other institutional investors.