Sinclair (NASDAQ:SBGI) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Sinclair (NASDAQ:SBGI) from a sell rating to a hold rating in a research report report published on Friday morning.

A number of other research analysts have also recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Sinclair from $12.00 to $13.00 and gave the company an underweight rating in a report on Friday, March 1st. Rosenblatt Securities upped their price objective on shares of Sinclair from $10.40 to $15.70 and gave the company a neutral rating in a research report on Thursday, January 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $18.14.

Sinclair Stock Performance

SBGI stock opened at $15.04 on Friday. Sinclair has a twelve month low of $9.39 and a twelve month high of $17.58. The company has a debt-to-equity ratio of 18.73, a current ratio of 1.34 and a quick ratio of 1.34. The business’s fifty day moving average is $12.78 and its 200-day moving average is $13.57.

Sinclair (NASDAQ:SBGI) last released its earnings results on Wednesday, February 28th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.35. The firm had revenue of $826.00 million for the quarter, compared to analyst estimates of $838.75 million. Sinclair had a negative return on equity of 2.36% and a negative net margin of 14.34%. The company’s quarterly revenue was down 14.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Research analysts predict that Sinclair will post 2.42 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.65%. The ex-dividend date is Monday, June 3rd. Sinclair’s dividend payout ratio (DPR) is presently -14.04%.

Insider Transactions at Sinclair

In related news, CAO David R. Bochenek sold 20,803 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $13.44, for a total value of $279,592.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Sinclair news, CAO David R. Bochenek sold 20,803 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.44, for a total value of $279,592.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Daniel C. Keith sold 30,086 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $13.58, for a total transaction of $408,567.88. Following the transaction, the director now directly owns 30,000 shares of the company’s stock, valued at $407,400. The disclosure for this sale can be found here. 41.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Sinclair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SBGI. Raymond James Financial Services Advisors Inc. bought a new position in shares of Sinclair in the 3rd quarter valued at about $240,000. Allspring Global Investments Holdings LLC grew its stake in Sinclair by 911.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 20,477 shares of the company’s stock valued at $230,000 after purchasing an additional 18,452 shares in the last quarter. Capital Management Corp VA increased its position in shares of Sinclair by 16.5% during the 3rd quarter. Capital Management Corp VA now owns 1,652,805 shares of the company’s stock worth $18,544,000 after purchasing an additional 233,977 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Sinclair by 29,122.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 10,520 shares of the company’s stock worth $118,000 after purchasing an additional 10,484 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Sinclair by 47.6% during the 3rd quarter. Principal Financial Group Inc. now owns 28,490 shares of the company’s stock worth $320,000 after purchasing an additional 9,186 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Sinclair Company Profile

Sinclair, Inc, a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free-over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs.