In a research note sent to investors on Thursday, JPMorgan Chase & Co. downgraded Sinclair Broadcast Group (NASDAQ:SBGI) from “neutral” to “underweight.”
Recently, more professionals have shared their opinions on SBGI.
I raised EF Hutton Acquisition Co.’s target price on Sinclair Broadcast Group from $40.00 to $50.00 in a research note published on Wednesday, October 5th, and assigned the stock a “buy” rating. StockNews.com revised its rating for Sinclair Broadcast Group from “buy” to “hold” in a report published on November 28. In a research note released on November 2nd, Wells Fargo & Company downgraded Sinclair Broadcast Group’s stock from “overweight” to “underweight” and decreased their price objective for the company from $30.00 to $16.00. Not to mention, Rosenblatt Securities reduced Sinclair Broadcast Group’s “neutral” rating and price target from $20.00 to $18.00 in a research note issued on November 3rd.Four research analysts have given the stock buy ratings, two have given hold ratings, and two have given sell ratings. According to Bloomberg.com, the company now has an average price target of $29.20 and a “Hold” rating.
The stock of Sinclair Broadcast Group started trading at $17.11 on Thursday. Sinclair Broadcast Group has a 1-year low of $16.05 and a 1-year high of $31.04. The company’s debt-to-equity ratio is 6.60, its current ratio is 2.27, and its quick ratio is 2.27 as well. The market value of the company’s shares is $1.19 billion, they have a PE ratio of 0, and their beta is 1.26. The stock’s 50-day moving average is $18.48, compared to $20.88 for its 200-day moving average.
On November 2, Sinclair Broadcasting Group (NASDAQ:SBGI) announced its most recent earnings report. In comparison to the $0.21 average analyst projection, the company’s $0.32 per share for the quarter was $0.11 higher. Sinclair Broadcast Group’s net margin was 56.44% even though its return on equity was 35.47% below average. The $843.00 million in sales for the quarter fell short of the $889.66 million that analysts had projected. During the same quarter last year, the company’s earnings per share were $0.51. The company’s sales dropped by 45.1% when compared to the same quarter last year. For the current fiscal year, sell-side analysts predict Sinclair Broadcast Group will produce an average of 36.84 EPS.
Recently, institutional investors changed or reduced the percentage of the company’s stock they owned. Copeland Capital Management LLC increased its stake in Sinclair Broadcast Group by roughly $25,000 during the third quarter. HighMark Wealth Management LLC increased its holdings in Sinclair Broadcast Group by an additional $27,000 during the third quarter. Steward Partners Investment Advisory LLC grew its stake in Sinclair Broadcast Group by 26.8% during the second quarter. Steward Partners Investment Advisory LLC now owns 2,840 shares of the company, worth $58,000, after acquiring an additional 600 shares in the most recent quarter. Shares of Sinclair Broadcast Group were acquired by the New York State Teachers Retirement System, a new owner of new interests, in the second quarter. Last but not least, Tower Research Capital LLC (TRC) grew its stake in Sinclair Broadcast Group by 154.3% during the third quarter. Tower Research Capital LLC (TRC) now owns 4,849 shares in the business valued at $87,000 after acquiring an additional 2,942 shares in the most recent quarter. Institutional investors and hedge funds own 88.32% of the company’s shares.
Sinclair Broadcast Group, Inc. is the name of a media company based in the US. Local sports and broadcast segments make up the company. The Broadcast segment offers free over-the-air programming to television viewers in nearby towns through its local television stations. Network-provided shows, locally produced news and entertainment programs, local athletic events, programming from PSAs, and other programs make up this programming.
