Key Points
- Sinclair director Daniel Keith sold 17,000 shares on July 2 for about $255,340 at an average price of $15.02, reducing his holdings by 40.36% to 25,122 shares.
- SBGI shares were down 2.4% in the session mentioned, opening at $14.78, while the stock remains between its 52-week low of $11.89 and high of $17.88.
- Sinclair recently beat quarterly earnings expectations, reporting EPS of $0.28 versus an expected loss and revenue of $807 million, and it also pays a $0.25 quarterly dividend yielding 6.8% annualized.
Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) Director Daniel Keith sold 17,000 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $15.02, for a total transaction of $255,340.00. Following the sale, the director directly owned 25,122 shares in the company, valued at $377,332.44. This trade represents a 40.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Sinclair Stock Down 2.4%
Shares of NASDAQ:SBGI opened at $14.78 on Wednesday. The firm has a fifty day moving average price of $14.20 and a two-hundred day moving average price of $14.54. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 16.42 and a beta of 1.04. The company has a debt-to-equity ratio of 11.10, a current ratio of 2.42 and a quick ratio of 2.42. Sinclair, Inc. has a one year low of $11.89 and a one year high of $17.88.
Sinclair (NASDAQ:SBGI - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.96. Sinclair had a negative return on equity of 12.62% and a net margin of 2.00%.The company had revenue of $807.00 million for the quarter, compared to the consensus estimate of $792.63 million. During the same quarter last year, the business posted ($2.30) earnings per share. The firm's revenue was up 4.0% compared to the same quarter last year. Analysts anticipate that Sinclair, Inc. will post 1.68 EPS for the current fiscal year.
Sinclair Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 26th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.8%. The ex-dividend date was Tuesday, May 26th. Sinclair's dividend payout ratio is 111.11%.
Wall Street Analyst Weigh In
SBGI has been the subject of a number of research reports. Wells Fargo & Company cut their price target on shares of Sinclair from $17.00 to $16.00 and set an "equal weight" rating for the company in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft set a $17.00 price target on Sinclair in a research report on Wednesday, April 15th. JPMorgan Chase & Co. cut their price objective on Sinclair from $15.00 to $14.00 and set an "underweight" rating for the company in a report on Wednesday, April 1st. Wall Street Zen upgraded Sinclair from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, Guggenheim decreased their price objective on Sinclair from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Tuesday, May 5th. Two investment 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 MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $19.20.
Get Our Latest Report on SBGI
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. increased its stake in Sinclair by 142.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company's stock worth $25,000 after purchasing an additional 1,065 shares during the period. Hilton Head Capital Partners LLC purchased a new position in shares of Sinclair in the fourth quarter worth $32,000. Tower Research Capital LLC TRC raised its holdings in Sinclair by 175.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company's stock valued at $41,000 after buying an additional 1,882 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in Sinclair during the 3rd quarter valued at $48,000. Finally, Raymond James Financial Inc. purchased a new stake in Sinclair during the 2nd quarter valued at $54,000. Hedge funds and other institutional investors own 41.71% of the company's stock.
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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