Sinclair Broadcast Group, Inc. (SBGI) Expected to Post Quarterly Sales of $734.43 Million

Wall Street analysts predict that Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) will report sales of $734.43 million for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Sinclair Broadcast Group’s earnings, with estimates ranging from $728.00 million to $745.22 million. Sinclair Broadcast Group reported sales of $797.69 million during the same quarter last year, which indicates a negative year-over-year growth rate of 7.9%. The company is scheduled to issue its next earnings report on Wednesday, February 28th.

According to Zacks, analysts expect that Sinclair Broadcast Group will report full year sales of $734.43 million for the current fiscal year, with estimates ranging from $2.73 billion to $2.76 billion. For the next financial year, analysts expect that the company will post sales of $3.06 billion per share, with estimates ranging from $3.02 billion to $3.10 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Sinclair Broadcast Group.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13). Sinclair Broadcast Group had a return on equity of 23.27% and a net margin of 9.06%. The firm had revenue of $670.90 million during the quarter, compared to analysts’ expectations of $671.42 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. Sinclair Broadcast Group’s quarterly revenue was down 3.3% compared to the same quarter last year.

SBGI has been the subject of a number of analyst reports. ValuEngine upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Wells Fargo & Company restated an “outperform” rating and set a $55.00 price objective on shares of Sinclair Broadcast Group in a research note on Monday, October 2nd. B. Riley upped their price objective on Sinclair Broadcast Group from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, November 27th. Zacks Investment Research upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Wednesday, October 4th. Finally, Ameriprise Financial restated a “buy” rating and set a $45.00 price objective (up from $43.00) on shares of Sinclair Broadcast Group in a research note on Friday, November 3rd. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $44.91.

In related news, Director Howard E. Friedman sold 1,010 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was 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 of the company’s stock, valued at approximately $351,460.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 28.20% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. AXA acquired a new position in Sinclair Broadcast Group during the 3rd quarter valued at about $8,399,000. Delphi Management Inc. MA increased its position in Sinclair Broadcast Group by 8.6% during the 3rd quarter. Delphi Management Inc. MA now owns 80,802 shares of the company’s stock valued at $2,590,000 after buying an additional 6,429 shares in the last quarter. FrontFour Capital Group LLC acquired a new position in Sinclair Broadcast Group during the 3rd quarter valued at about $2,681,000. California Public Employees Retirement System increased its position in Sinclair Broadcast Group by 5.8% during the 3rd quarter. California Public Employees Retirement System now owns 153,560 shares of the company’s stock valued at $4,922,000 after buying an additional 8,460 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in Sinclair Broadcast Group by 76.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 282,100 shares of the company’s stock valued at $9,041,000 after buying an additional 122,100 shares in the last quarter. 84.80% of the stock is currently owned by institutional investors.

Shares of Sinclair Broadcast Group (NASDAQ SBGI) traded up $0.25 during mid-day trading on Wednesday, hitting $35.65. The company’s stock had a trading volume of 1,331,143 shares, compared to its average volume of 1,206,386. Sinclair Broadcast Group has a twelve month low of $26.70 and a twelve month high of $43.05. The stock has a market cap of $3,601.63, a PE ratio of 14.94, a price-to-earnings-growth ratio of 8.85 and a beta of 1.92. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 3.51.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.02%. The ex-dividend date is Thursday, November 30th. Sinclair Broadcast Group’s dividend payout ratio is currently 27.07%.

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About Sinclair Broadcast Group

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.

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Earnings History and Estimates for Sinclair Broadcast Group (NASDAQ:SBGI)

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