Key Points
- Director Howard Friedman sold 14,713 shares of Sinclair on Jan. 6 at an average price of $15.11 for about $222,313, reducing his holding by 15.92% to 77,685 shares (≈$1.17M).
- Sinclair recently paid a quarterly dividend of $0.25 (annualized $1.00) implying a 6.6% yield
- The company reported ($0.02) EPS (beating estimates of ($0.65)) and $773M revenue for the quarter, but revenue was down 15.7% year-over-year and Sinclair shows negative net margin and return on equity.
Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) Director Howard Friedman sold 14,713 shares of Sinclair stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $15.11, for a total transaction of $222,313.43. Following the completion of the sale, the director directly owned 77,685 shares of the company's stock, valued at approximately $1,173,820.35. The trade was a 15.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Sinclair Trading Up 3.5%
Shares of NASDAQ:SBGI opened at $15.14 on Friday. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 14.77. The stock has a market capitalization of $1.05 billion, a PE ratio of -24.42 and a beta of 0.96. Sinclair, Inc. has a 1 year low of $11.89 and a 1 year high of $17.88. The firm has a fifty day moving average price of $15.50 and a 200 day moving average price of $14.59.
Sinclair (NASDAQ:SBGI - Get Free Report) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.65) by $0.63. The company had revenue of $773.00 million during the quarter, compared to analysts' expectations of $766.78 million. Sinclair had a negative return on equity of 10.19% and a negative net margin of 1.35%.The business's quarterly revenue was down 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.43 earnings per share. Analysts expect that Sinclair, Inc. will post 4.24 EPS for the current fiscal year.
Sinclair Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $1.00 dividend on an annualized basis and a yield of 6.6%. Sinclair's dividend payout ratio is presently -161.29%.
Institutional Trading of Sinclair
A number of hedge funds have recently bought and sold shares of the stock. Gamco Investors INC. ET AL increased its holdings in shares of Sinclair by 7.7% during the 3rd quarter. Gamco Investors INC. ET AL now owns 4,242,962 shares of the company's stock worth $64,069,000 after purchasing an additional 302,160 shares during the period. Verition Fund Management LLC grew its position in Sinclair by 890.3% during the third quarter. Verition Fund Management LLC now owns 306,637 shares of the company's stock worth $4,630,000 after buying an additional 275,674 shares in the last quarter. Pinnacle Associates Ltd. grew its position in Sinclair by 46.4% during the third quarter. Pinnacle Associates Ltd. now owns 668,621 shares of the company's stock worth $10,096,000 after buying an additional 212,040 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Sinclair during the second quarter valued at about $2,292,000. Finally, Squarepoint Ops LLC raised its holdings in Sinclair by 121.3% in the 3rd quarter. Squarepoint Ops LLC now owns 291,607 shares of the company's stock valued at $4,403,000 after acquiring an additional 159,823 shares in the last quarter. 41.71% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
SBGI has been the subject of several recent analyst reports. Guggenheim upped their price objective on shares of Sinclair from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, November 13th. Zacks Research raised shares of Sinclair from a "strong sell" rating to a "hold" rating in a research report on Thursday, November 13th. Wall Street Zen upgraded shares of Sinclair from a "sell" rating to a "hold" rating in a report on Saturday, November 8th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Sinclair in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $19.00.
Read Our Latest Stock Analysis on Sinclair
About Sinclair
(
Get Free Report)
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.
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