David Gibber Sells 29,246 Shares of Sinclair (NASDAQ:SBGI) Stock

Sinclair, Inc. (NASDAQ:SBGI) EVP David Gibber sold 29,246 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $13.74, for a total value of $401,840.04. Following the sale, the executive vice president directly owned 184,244 shares in the company, valued at $2,531,512.56. This trade represents a 13.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Sinclair Stock Up 2.9%

Shares of NASDAQ SBGI opened at $14.28 on Friday. Sinclair, Inc. has a 52 week low of $12.46 and a 52 week high of $17.88. The business has a 50-day simple moving average of $14.06 and a two-hundred day simple moving average of $14.30. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 13.28. The company has a market cap of $1.03 billion, a P/E ratio of 19.04 and a beta of 1.06.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.82). Sinclair had a net margin of 1.60% and a negative return on equity of 16.09%. The company had revenue of $840.00 million for the quarter, compared to the consensus estimate of $838.99 million. During the same quarter in the prior year, the company earned ($0.91) earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Research analysts anticipate that Sinclair, Inc. will post 1.48 earnings per share for the current fiscal year.

Sinclair Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.00 annualized dividend and a yield of 7.0%. Sinclair’s payout ratio is currently 133.33%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SBGI. Wells Fargo & Company lowered their target price on shares of Sinclair from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Weiss Ratings cut shares of Sinclair from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday. Zacks Research downgraded Sinclair from a “hold” rating to a “strong sell” rating in a research report on Monday. Guggenheim dropped their price objective on Sinclair from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, May 5th. Finally, Wall Street Zen cut Sinclair from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Sinclair has a consensus rating of “Reduce” and an average price target of $19.20.

Hedge Funds Weigh In On Sinclair

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Sinclair by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,082 shares of the company’s stock valued at $304,000 after buying an additional 780 shares in the last quarter. Royal Bank of Canada grew its position in Sinclair by 5.4% in the fourth quarter. Royal Bank of Canada now owns 17,001 shares of the company’s stock worth $261,000 after acquiring an additional 869 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. grew its position in Sinclair by 3.6% in the first quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 29,000 shares of the company’s stock worth $375,000 after acquiring an additional 1,000 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in Sinclair by 142.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock valued at $25,000 after acquiring an additional 1,065 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Sinclair by 2.2% in the fourth quarter. Russell Investments Group Ltd. now owns 57,724 shares of the company’s stock valued at $883,000 after acquiring an additional 1,259 shares during the last quarter. 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.