Sinclair Broadcast Group Inc. (NASDAQ:SBGI)’s Chief Executive Officer, Steven Marks, sold 8,000 shares of Class A Common Stock issued as Restricted Shares yesterday. The disposition was executed directly, and the insider paid a weighted average price $35.76 per share. This is Marks’ second stock sale of the fiscal year, as he unloaded 6,000 shares of Common Stock in April, paying $26.95 per share. Following the sale, the CEO now owns a total of 67,170 company holdings.
Insider stock sales have been frequent at the $3.37 billion market cap television broadcaster, as Director Robert Smith disposed of 39,250 shares last Tuesday, paying a price of $35.48 per share. One day prior, the insider had already unloaded 99,630 shares, paying $35.09 per share and making him the most significant insider in terms of stock trades.
In terms of hedge fund movement, this quarter showed a new shareholder position at the hands of Eric Mandelblatt’s Soroban Capital Partners, which newly acquired over 3.4 million shares of Sinclair Broadcast Group, with a value of $94.8 million and accounting for 1.18% of the hedge fund’s portfolio.