Prudential Financial Inc. boosted its stake in shares of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) by 19.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 141,261 shares of the company’s stock after buying an additional 22,600 shares during the period. Prudential Financial Inc. owned 0.15% of Sinclair Broadcast Group worth $4,218,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Sinclair Broadcast Group by 65.2% in the first quarter. BlackRock Inc. now owns 4,526 shares of the company’s stock valued at $139,000 after buying an additional 1,787 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Sinclair Broadcast Group during the second quarter valued at $236,000. Intrust Bank NA bought a new position in shares of Sinclair Broadcast Group during the second quarter valued at $257,000. Teacher Retirement System of Texas boosted its position in shares of Sinclair Broadcast Group by 20.0% in the second quarter. Teacher Retirement System of Texas now owns 9,623 shares of the company’s stock valued at $287,000 after buying an additional 1,606 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Sinclair Broadcast Group by 17.6% in the second quarter. Victory Capital Management Inc. now owns 10,071 shares of the company’s stock valued at $301,000 after buying an additional 1,504 shares during the last quarter. 69.55% of the stock is currently owned by hedge funds and other institutional investors.
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) opened at 25.86 on Monday. Sinclair Broadcast Group Inc. has a 12-month low of $25.70 and a 12-month high of $35.89. The company’s 50-day moving average price is $28.10 and its 200-day moving average price is $29.99. The company has a market cap of $2.44 billion, a PE ratio of 14.13 and a beta of 1.83.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. Sinclair Broadcast Group had a net margin of 7.28% and a return on equity of 34.76%. The firm had revenue of $666.50 million for the quarter, compared to analyst estimates of $658.61 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The business’s quarterly revenue was up 20.3% compared to the same quarter last year. Equities analysts anticipate that Sinclair Broadcast Group Inc. will post $2.90 earnings per share for the current year.
SBGI has been the subject of several analyst reports. Zacks Investment Research upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Saturday, August 6th. Wedbush decreased their price objective on Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating for the company in a report on Tuesday, September 27th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Sinclair Broadcast Group presently has an average rating of “Buy” and an average price target of $37.42.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $28.63, for a total transaction of $57,260.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 29.70% of the company’s stock.
Sinclair Broadcast Group Company Profile
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.
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