The Insider Buying: Sinclair Broadcast Group, Inc. (SBGI) Chairman Buys 16,500 Shares of Stock

The Insider Buying: Sinclair Broadcast Group, Inc. (SBGI) Chairman Buys 16,500 Shares of Stock

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Chairman David D. Smith bought 16,500 shares of the business’s stock in a transaction dated Sunday, January 15th. The shares were purchased at an average price of $29.59 per share, for a total transaction of $488,235.00. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.

Shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) traded up 1.79% during trading on Wednesday, reaching $31.35. The company had a trading volume of 978,731 shares. Sinclair Broadcast Group, Inc. has a 52-week low of $24.15 and a 52-week high of $34.85. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 16.41 and a beta of 1.79. The stock has a 50 day moving average of $33.00 and a 200 day moving average of $29.66.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by $0.18. The firm earned $693.80 million during the quarter, compared to analysts’ expectations of $164.94 million. Sinclair Broadcast Group had a net margin of 7.16% and a return on equity of 38.65%. The business’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. Equities research analysts forecast that Sinclair Broadcast Group, Inc. will post $2.66 EPS for the current year.

A number of analysts have recently commented on SBGI shares. Stephens upgraded Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 3rd. Benchmark Co. reiterated a “buy” rating and set a $44.00 target price on shares of Sinclair Broadcast Group in a research report on Thursday, November 3rd. Wedbush cut their target price on Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 27th. Finally, TheStreet upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Thursday, December 29th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Sinclair Broadcast Group currently has a consensus rating of “Buy” and an average target price of $38.67.

A number of institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can purchased a new position in Sinclair Broadcast Group during the second quarter worth $7,599,000. Northern Capital Management LLC boosted its position in Sinclair Broadcast Group by 50.4% in the second quarter. Northern Capital Management LLC now owns 53,190 shares of the company’s stock worth $1,588,000 after buying an additional 17,820 shares during the last quarter. Hennessy Advisors Inc. boosted its position in Sinclair Broadcast Group by 2.9% in the second quarter. Hennessy Advisors Inc. now owns 1,179,600 shares of the company’s stock worth $35,223,000 after buying an additional 33,800 shares during the last quarter. First Trust Advisors LP purchased a new position in Sinclair Broadcast Group during the second quarter worth $1,866,000. Finally, GMT Capital Corp boosted its position in Sinclair Broadcast Group by 4.8% in the second quarter. GMT Capital Corp now owns 4,105,300 shares of the company’s stock worth $122,584,000 after buying an additional 189,300 shares during the last quarter. 73.69% of the stock is owned by institutional investors.

About Sinclair Broadcast Group

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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