Pinnacle Associates Ltd. Purchases 212,040 Shares of Sinclair, Inc. $SBGI

Pinnacle Associates Ltd. raised its position in shares of Sinclair, Inc. (NASDAQ:SBGI) by 46.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 668,621 shares of the company’s stock after buying an additional 212,040 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Sinclair were worth $10,096,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. raised its stake in shares of Sinclair by 142.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock worth $25,000 after acquiring an additional 1,065 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Sinclair by 175.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company’s stock worth $41,000 after purchasing an additional 1,882 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Sinclair during the second quarter worth $54,000. Ameritas Investment Partners Inc. increased its position in shares of Sinclair by 26.2% during the second quarter. Ameritas Investment Partners Inc. now owns 3,945 shares of the company’s stock worth $55,000 after purchasing an additional 820 shares in the last quarter. Finally, Headlands Technologies LLC lifted its holdings in shares of Sinclair by 79.3% during the 2nd quarter. Headlands Technologies LLC now owns 6,773 shares of the company’s stock valued at $94,000 after purchasing an additional 2,996 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SBGI has been the topic of several research analyst reports. Benchmark boosted their target price on Sinclair from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Wall Street Zen upgraded Sinclair from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Guggenheim raised their price target on Sinclair from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Wells Fargo & Company boosted their price target on Sinclair from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings downgraded shares of Sinclair from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $20.00.

Sinclair Price Performance

Shares of SBGI opened at $14.84 on Tuesday. The company has a debt-to-equity ratio of 11.78, a current ratio of 2.42 and a quick ratio of 2.42. The company’s fifty day moving average price is $14.92 and its 200-day moving average price is $14.76. Sinclair, Inc. has a 1-year low of $11.89 and a 1-year high of $17.88. The firm has a market capitalization of $1.03 billion, a PE ratio of -8.83 and a beta of 0.94.

Sinclair (NASDAQ:SBGI) last issued its earnings results on Wednesday, February 25th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.07. Sinclair had a negative return on equity of 64.27% and a negative net margin of 3.53%.The company had revenue of $836.00 million during the quarter, compared to analyst estimates of $840.25 million. During the same quarter last year, the business posted $2.61 EPS. The firm’s quarterly revenue was down 16.7% on a year-over-year basis. On average, equities research analysts predict that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 10th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.7%. The ex-dividend date is Tuesday, March 10th. Sinclair’s dividend payout ratio (DPR) is presently -59.52%.

Insider Buying and Selling

In related news, Director Howard E. Friedman sold 14,713 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $15.11, for a total value of $222,313.43. Following the transaction, the director owned 77,685 shares in the company, valued at approximately $1,173,820.35. This represents a 15.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Benson E. Legg sold 6,548 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $15.81, for a total transaction of $103,523.88. Following the transaction, the director directly owned 71,165 shares of the company’s stock, valued at $1,125,118.65. This represents a 8.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 50,637 shares of company stock valued at $815,535 over the last quarter. 46.60% of the stock is currently owned by company insiders.

Sinclair Profile

Sinclair Broadcast Group, Inc (NASDAQ: SBGI) is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.