California State Teachers Retirement System Cuts Holdings in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

California State Teachers Retirement System reduced its stake in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 11.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 127,994 shares of the company’s stock after selling 17,020 shares during the quarter. California State Teachers Retirement System owned 0.12% of Sinclair Broadcast Group worth $4,211,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Bank of New York Mellon Corp raised its stake in Sinclair Broadcast Group by 30.0% during the second quarter. Bank of New York Mellon Corp now owns 7,751,184 shares of the company’s stock worth $255,014,000 after purchasing an additional 1,789,969 shares during the period. Vanguard Group Inc. raised its stake in shares of Sinclair Broadcast Group by 8.5% in the 2nd quarter. Vanguard Group Inc. now owns 6,620,686 shares of the company’s stock valued at $217,820,000 after acquiring an additional 520,001 shares during the period. BlackRock Inc. grew its holdings in Sinclair Broadcast Group by 18,421.8% during the 1st quarter. BlackRock Inc. now owns 4,884,950 shares of the company’s stock valued at $197,842,000 after purchasing an additional 4,858,576 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Sinclair Broadcast Group by 201.3% during the 2nd quarter. Principal Financial Group Inc. now owns 4,113,294 shares of the company’s stock valued at $135,326,000 after purchasing an additional 2,748,201 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Sinclair Broadcast Group by 17.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,938,276 shares of the company’s stock valued at $63,772,000 after purchasing an additional 284,237 shares in the last quarter. Institutional investors own 83.93% of the company’s stock.

Sinclair Broadcast Group, Inc. (NASDAQ SBGI) traded up $0.20 during trading hours on Monday, reaching $31.75. 1,320,200 shares of the company traded hands, compared to its average volume of 1,734,499. The firm has a market cap of $3,228.98, a PE ratio of 13.40, a P/E/G ratio of 7.94 and a beta of 1.92. Sinclair Broadcast Group, Inc. has a 1 year low of $26.70 and a 1 year high of $43.05. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 3.51.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13). Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. The business had revenue of $670.90 million during the quarter, compared to the consensus estimate of $671.42 million. During the same period last year, the firm earned $0.54 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. research analysts forecast that Sinclair Broadcast Group, Inc. will post 2 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Thursday, November 30th. Sinclair Broadcast Group’s dividend payout ratio is currently 27.07%.

Several brokerages have weighed in on SBGI. B. Riley raised their price objective on shares of Sinclair Broadcast Group from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. ValuEngine upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Ameriprise Financial reiterated a “buy” rating and issued a $45.00 price objective (up from $43.00) on shares of Sinclair Broadcast Group in a research report on Friday, November 3rd. Zacks Investment Research downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a report on Saturday, November 4th. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $55.00 target price on shares of Sinclair Broadcast Group in a report on Monday, October 2nd. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Sinclair Broadcast Group has an average rating of “Buy” and an average price target of $44.82.

In other Sinclair Broadcast Group news, Director Howard E. Friedman sold 1,010 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $31.98, for a total transaction of $32,299.80. Following the transaction, the director now directly owns 10,990 shares in the company, valued at approximately $351,460.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 28.20% of the stock is owned by corporate insiders.

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Sinclair Broadcast Group Company Profile

Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.

Institutional Ownership by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

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