Sinclair Broadcast Group (NASDAQ:SBGI) Announces Earnings Results, Beats Expectations By $36.41 EPS

Sinclair Broadcast Group (NASDAQ:SBGI – Get Rating) announced its earnings results on Wednesday. The company reported $35.39 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.02) by $36.41, MarketWatch Earnings reports. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.53 billion. Sinclair Broadcast Group had a negative net margin of 6.75% and a negative return on equity of 16.74%. Sinclair Broadcast Group’s quarterly revenue was down 14.8% on a year-over-year basis. During the same period last year, the firm posted $0.18 earnings per share.

Shares of NASDAQ SBGI opened at $24.15 on Thursday. Sinclair Broadcast Group has a 52 week low of $22.07 and a 52 week high of $35.69. The firm’s fifty day moving average is $25.98 and its 200 day moving average is $26.53. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -4.39 and a beta of 1.33.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.14%. The ex-dividend date is Tuesday, May 31st. Sinclair Broadcast Group’s payout ratio is -18.18%.

SBGI has been the topic of several research reports. Rosenblatt Securities initiated coverage on shares of Sinclair Broadcast Group in a research note on Tuesday, April 19th. They set a “neutral” rating and a $21.00 price target on the stock. Benchmark decreased their price target on shares of Sinclair Broadcast Group from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, February 24th. StockNews.com initiated coverage on shares of Sinclair Broadcast Group in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Wells Fargo & Company raised shares of Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $30.00 to $33.00 in a research note on Thursday. Finally, Zacks Investment Research raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Saturday, April 9th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Sinclair Broadcast Group has a consensus rating of “Hold” and an average target price of $30.20.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in Sinclair Broadcast Group in the fourth quarter valued at $11,101,000. BlackRock Inc. boosted its holdings in Sinclair Broadcast Group by 14.1% in the fourth quarter. BlackRock Inc. now owns 3,906,681 shares of the company’s stock valued at $103,254,000 after acquiring an additional 482,706 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Sinclair Broadcast Group by 37.6% in the fourth quarter. Wells Fargo & Company MN now owns 82,096 shares of the company’s stock valued at $2,171,000 after acquiring an additional 22,442 shares in the last quarter. Weiss Multi Strategy Advisers LLC bought a new stake in Sinclair Broadcast Group in the fourth quarter valued at $1,895,000. Finally, Kingsview Wealth Management LLC bought a new stake in Sinclair Broadcast Group in the fourth quarter valued at $1,090,000.

Sinclair Broadcast Group Company Profile (Get Rating)

Sinclair Broadcast Group, Inc operates as a media company in the United States. The company operates in two segments, Broadcast and Local Sports. The Broadcast segment broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and programming to television viewing audiences in the communities through its local television stations.

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