Sinclair Broadcast Group (NASDAQ:SBGI) Trading Down 7.7%

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI – Get Rating)’s share price fell 7.7% on Friday . The stock traded as low as $12.95 and last traded at $13.10. 428,406 shares were traded during trading, a decline of 28% from the average session volume of 592,515 shares. The stock had previously closed at $14.19.

Analysts Set New Price Targets

Several research firms have recently weighed in on SBGI. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of Sinclair Broadcast Group in a research report on Tuesday, February 21st. Wells Fargo & Company decreased their target price on shares of Sinclair Broadcast Group from $16.00 to $15.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 22nd. StockNews.com began coverage on shares of Sinclair Broadcast Group in a research report on Thursday. They issued a “hold” rating on the stock. JPMorgan Chase & Co. cut shares of Sinclair Broadcast Group from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $25.00 to $16.00 in a research report on Thursday, December 8th. Finally, Rosenblatt Securities decreased their target price on shares of Sinclair Broadcast Group from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, February 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Sinclair Broadcast Group presently has an average rating of “Hold” and a consensus price target of $25.83.

Sinclair Broadcast Group Price Performance

The business’s 50-day simple moving average is $18.01 and its 200-day simple moving average is $18.34. The stock has a market cap of $879.71 million, a PE ratio of 0.35 and a beta of 1.42. The company has a quick ratio of 2.77, a current ratio of 2.77 and a debt-to-equity ratio of 6.21.

Sinclair Broadcast Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 17th. Stockholders of record on Friday, March 3rd were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.91%. The ex-dividend date of this dividend was Thursday, March 2nd. Sinclair Broadcast Group’s payout ratio is 2.75%.

Institutional Investors Weigh In On Sinclair Broadcast Group

A number of large investors have recently modified their holdings of SBGI. Millennium Management LLC boosted its stake in shares of Sinclair Broadcast Group by 1,068.9% during the 4th quarter. Millennium Management LLC now owns 2,082,069 shares of the company’s stock valued at $32,293,000 after purchasing an additional 1,903,947 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Sinclair Broadcast Group by 603.7% during the 3rd quarter. Marshall Wace LLP now owns 845,057 shares of the company’s stock valued at $15,286,000 after purchasing an additional 724,966 shares in the last quarter. Nomura Holdings Inc. bought a new stake in shares of Sinclair Broadcast Group during the 3rd quarter valued at about $11,145,000. Contrarius Investment Management Ltd boosted its stake in shares of Sinclair Broadcast Group by 13.1% during the 4th quarter. Contrarius Investment Management Ltd now owns 4,339,964 shares of the company’s stock valued at $67,313,000 after purchasing an additional 501,967 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Sinclair Broadcast Group by 359.7% during the 1st quarter. Renaissance Technologies LLC now owns 618,571 shares of the company’s stock valued at $17,332,000 after purchasing an additional 484,000 shares in the last quarter. Institutional investors own 51.14% of the company’s stock.

Sinclair Broadcast Group Company Profile

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Sinclair Broadcast Group, Inc is a media company engaged in the provision of local sports and news. It operates through the following segments: Broadcast, Local Sports, and Others. The Broadcast segment consists of television stations which offer programming and operating services, and sales and other non-programming operating services.