JPMorgan Chase & Co. Cuts Sinclair (NASDAQ:SBGI) Price Target to $14.00

Sinclair (NASDAQ:SBGI) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $15.00 to $14.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 7.20% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Wells Fargo & Company raised 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. Weiss Ratings downgraded Sinclair from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Wall Street Zen upgraded Sinclair from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Finally, Benchmark boosted their price target on shares of Sinclair from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $20.25.

Sinclair Trading Up 0.9%

NASDAQ:SBGI traded up $0.12 during midday trading on Wednesday, reaching $13.06. 582,450 shares of the stock traded hands, compared to its average volume of 433,461. The stock has a market capitalization of $935.34 million, a P/E ratio of -7.77 and a beta of 0.94. The company has a fifty day moving average of $14.40 and a 200 day moving average of $14.69. The company has a debt-to-equity ratio of 11.78, a quick ratio of 2.42 and a current ratio of 2.42. Sinclair has a 12 month low of $11.89 and a 12 month high of $17.88.

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

Insider Activity at Sinclair

In other Sinclair news, Director Howard E. Friedman sold 14,713 shares of the stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $15.11, for a total transaction of $222,313.43. Following the sale, the director directly owned 77,685 shares of the company’s stock, valued at approximately $1,173,820.35. This trade represents a 15.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert Weisbord sold 3,672 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $13.97, for a total transaction of $51,297.84. Following the sale, the chief operating officer directly owned 280,853 shares in the company, valued at approximately $3,923,516.41. The trade was a 1.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 28,385 shares of company stock valued at $430,611. Company insiders own 46.60% of the company’s stock.

Institutional Investors Weigh In On Sinclair

A number of hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp acquired a new position in Sinclair in the 4th quarter valued at about $174,000. Madison Avenue Partners LP acquired a new stake in shares of Sinclair in the fourth quarter valued at $13,918,000. Aristeia Capital L.L.C. grew its position in Sinclair by 22.3% in the 4th quarter. Aristeia Capital L.L.C. now owns 32,864 shares of the company’s stock valued at $503,000 after acquiring an additional 5,988 shares in the last quarter. AQR Capital Management LLC increased its stake in Sinclair by 205.4% during the 4th quarter. AQR Capital Management LLC now owns 130,835 shares of the company’s stock worth $2,002,000 after buying an additional 87,988 shares during the period. Finally, Trexquant Investment LP acquired a new stake in shares of Sinclair in the fourth quarter valued at $170,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

About Sinclair

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.