Sinclair (NASDAQ:SBGI) Shares Climb 6.2% – Here’s What Happened

Sinclair, Inc. (NASDAQ:SBGI) shares were up 6.2% during trading on Tuesday. The company traded as high as $15.08 and last traded at $15.1190. Approximately 868,176 shares were traded during trading, an increase of 75% from the average daily volume of 496,553 shares. The stock had previously closed at $14.23.

Analysts Set New Price Targets

SBGI has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Sinclair from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Weiss Ratings upgraded Sinclair from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday. JPMorgan Chase & Co. raised their target price on Sinclair from $14.00 to $15.00 and gave the company an “underweight” rating in a research report on Friday, August 21st. Finally, Zacks Research raised Sinclair from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 8th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.40.

Sinclair Stock Down 1.4%

The company has a market cap of $1.07 billion, a PE ratio of 10.79 and a beta of 1.24. The stock has a 50-day moving average of $13.19 and a 200-day moving average of $14.03. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 12.05.

Sinclair (NASDAQ:SBGI) last posted its earnings results on Wednesday, November 4th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.27 by $0.33. Sinclair had a negative return on equity of 4.00% and a net margin of 2.84%. The business had revenue of $893.00 million during the quarter, compared to analysts’ expectations of $874.21 million. During the same period in the previous year, the business earned ($0.02) earnings per share. The firm’s revenue was up 15.5% on a year-over-year basis. Sell-side analysts predict that Sinclair, Inc. will post 1.35 earnings per share for the current fiscal year.

Sinclair Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 1st. This represents a $1.00 annualized dividend and a dividend yield of 6.8%. Sinclair’s dividend payout ratio (DPR) is 72.99%.

Insider Activity

In other news, Director Robert E. Smith sold 150,000 shares of Sinclair stock in a transaction on Friday, November 6th. The shares were sold at an average price of $13.64, for a total transaction of $2,046,000.00. Following the completion of the sale, the director directly owned 50,000 shares of the company’s stock, valued at approximately $682,000. The trade was a 75.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 42.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in Sinclair by 7.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company’s stock worth $21,001,000 after purchasing an additional 113,788 shares during the last quarter. Capital Management Corp VA increased its position in shares of Sinclair by 2.1% during the 3rd quarter. Capital Management Corp VA now owns 1,437,884 shares of the company’s stock valued at $18,247,000 after purchasing an additional 28,902 shares during the last quarter. Converium Capital Inc. increased its position in shares of Sinclair by 15.8% during the 1st quarter. Converium Capital Inc. now owns 1,062,452 shares of the company’s stock valued at $13,748,000 after purchasing an additional 144,674 shares during the last quarter. Pinnacle Associates Ltd. increased its position in shares of Sinclair by 4.5% during the 3rd quarter. Pinnacle Associates Ltd. now owns 774,890 shares of the company’s stock valued at $9,833,000 after purchasing an additional 33,457 shares during the last quarter. Finally, Advisors Asset Management Inc. purchased a new position in shares of Sinclair during the 3rd quarter valued at about $2,256,000. Institutional investors own 41.71% of the company’s stock.

About Sinclair

Sinclair, Inc., formerly known as Sinclair Broadcast Group, is a U.S. media company focused on local television broadcasting. Its stations provide local news, sports and entertainment programming, often alongside content from major television networks. The company also operates national television brands, including Tennis Channel and the multicast networks Comet, Charge! and TBD. Its businesses include producing and distributing programming and selling advertising across its television and digital platforms.