Sinclair (NASDAQ:SBGI) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Sinclair (NASDAQ:SBGI) from a hold rating to a sell rating in a research note published on Saturday.

Several other research analysts have also recently weighed in on SBGI. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sinclair in a report on Monday, December 29th. Zacks Research upgraded Sinclair from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 13th. Finally, Guggenheim raised their price target on Sinclair from $19.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, November 13th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.00.

Sinclair Stock Up 2.4%

SBGI stock opened at $14.96 on Friday. The stock has a 50-day simple moving average of $15.12 and a two-hundred day simple moving average of $14.62. Sinclair has a twelve month low of $11.89 and a twelve month high of $17.88. The firm has a market capitalization of $1.04 billion, a PE ratio of -24.13 and a beta of 0.96. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 14.77.

Insiders Place Their Bets

In other news, Director Benson E. Legg sold 6,548 shares of the stock in a transaction dated 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 in the company, valued at approximately $1,125,118.65. This represents a 8.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David B. Gibber sold 29,376 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $16.67, for a total value of $489,697.92. Following the completion of the sale, the executive vice president directly owned 165,272 shares of the company’s stock, valued at approximately $2,755,084.24. This represents a 15.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 50,637 shares of company stock valued at $815,535 over the last 90 days. Insiders own 41.90% of the company’s stock.

Hedge Funds Weigh In On Sinclair

Large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Sinclair by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,082 shares of the company’s stock worth $304,000 after purchasing an additional 780 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of Sinclair by 26.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,945 shares of the company’s stock valued at $55,000 after acquiring an additional 820 shares during the last quarter. Kendall Capital Management boosted its holdings in Sinclair by 3.8% during the 3rd quarter. Kendall Capital Management now owns 26,495 shares of the company’s stock valued at $400,000 after acquiring an additional 965 shares during the period. Geneos Wealth Management Inc. grew its position in 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 during the last quarter. Finally, Swiss National Bank increased its stake in Sinclair by 2.0% in the 4th quarter. Swiss National Bank now owns 72,450 shares of the company’s stock worth $1,108,000 after purchasing an additional 1,400 shares during the period. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.