Insider Sells 10,911 Shares of Sinclair Broadcast Group (SBGI)

It seems one insider of Sinclair Broadcast Group (SBGI) believes the shares may have topped out after it’s recent run up.  Mr. Barry Faber, Executive VP and General Counsel of Sinclair Broadcast Group (SBGI) has filed a Form 4 outlining the sale of 10,911 shares for total proceeds of $375,665.

Mr. Faber sold his shares in SBGI in transactions on June 27, 2014.  He continues to hold 63,155 shares in SBGI worth a total of just under $2.2 Million.  His shares were sold at a price of $34.33 on Friday.  These two transactions were listed in a Form 4 filed with the SEC, which can be viewed here.

Sinclair Broadcast Group (SBGI) is actually up today to $34.72, up 10 cents on the day with 1.3 million shares traded.  SBGI has a 52 week low of $23.28 and a high of $37.50.  The share price saw a recent spike up from the $29 range on June 25, 2014.  Apparently the Aereo lawsuit decision was beneficial to the share price of Sinclair Broadcast Group, as that was the day it was announced.

Unlike Mr. Faber, who thought it prudent to sell some shares of SBGI now, 8 analysts disagree with that view, as the average analyst rating is BUY, though their average price target is only $34.80.  There is not much upside in that target price.  You could expect that analysts are reworking their numbers on Sinclair Broadcast Group (SBGI) and may either downgrade their rating, or alternatively, increase their price target on SBGI to better reflect their BUY rating.

Last quarter Sinclair Broadcast Group (SBGI) reported earnings of 27 cents per share, while analysts estimate this quarters earnings to come in at 37 cents per share.  SBGI reports Q2 earnings on August 6, 2014.

Sinclair Broadcast Group (SBGI) is a tv broadcasting company that owns or operates 73 television stations in 45 distinct markets.  It has affiliate stations with FOX, ABC, CBS, NBC, CW, MyNetworkTV and Azteca.

Here’s the chart on  Sinclair Broadcast Group (SBGI)