Key Points
- Sinclair director Robert Smith sold 150,000 shares for about $2.05 million at an average price of $13.64, reducing his direct ownership by 75% to 50,000 shares.
- Sinclair’s latest quarter beat expectations: earnings were $0.60 per share versus a $0.27 consensus, and revenue of $893 million rose 15.5% year over year.
- The company announced a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a stated 6.6% yield; analysts’ consensus rating was Hold with a $19.40 average price target.
Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) Director Robert Smith sold 150,000 shares of the stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $13.64, for a total value of $2,046,000.00. Following the completion of the transaction, the director directly owned 50,000 shares in the company, valued at $682,000. This represents a 75.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Sinclair Price Performance
Shares of NASDAQ:SBGI opened at $15.11 on Wednesday. The company has a debt-to-equity ratio of 12.05, a quick ratio of 1.97 and a current ratio of 1.97. Sinclair, Inc. has a 52-week low of $11.83 and a 52-week high of $17.88. The business has a 50-day moving average price of $13.17 and a 200-day moving average price of $14.03.
Sinclair (NASDAQ:SBGI - Get Free Report) last issued its earnings results on Wednesday, November 4th. The company reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.33. The firm had revenue of $893.00 million for the quarter, compared to analyst estimates of $874.21 million. Sinclair had a negative return on equity of 4.00% and a net margin of 2.84%. Sinclair's revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. As a group, equities research analysts predict that Sinclair, Inc. will post 1.35 earnings per share for the current year.
Sinclair Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.6%. The ex-dividend date is Tuesday, December 1st. Sinclair's payout ratio is presently 72.99%.
Hedge Funds Weigh In On Sinclair
Several institutional investors and hedge funds have recently modified their holdings of SBGI. Converium Capital Inc. boosted its stake in shares of Sinclair by 15.8% in the first quarter. Converium Capital Inc. now owns 1,062,452 shares of the company's stock worth $13,748,000 after buying an additional 144,674 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Sinclair by 7.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company's stock valued at $21,001,000 after acquiring an additional 113,788 shares in the last quarter. Russell Investments Group Ltd. raised its position in Sinclair by 216.2% during the third quarter. Russell Investments Group Ltd. now owns 104,042 shares of the company's stock valued at $1,320,000 after acquiring an additional 71,134 shares in the last quarter. Bank of America Corp DE raised its position in Sinclair by 82.6% during the first quarter. Bank of America Corp DE now owns 86,137 shares of the company's stock valued at $1,115,000 after acquiring an additional 38,962 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its position in Sinclair by 4.5% during the third quarter. Pinnacle Associates Ltd. now owns 774,890 shares of the company's stock valued at $9,833,000 after acquiring an additional 33,457 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have recently commented on SBGI shares. JPMorgan Chase & Co. upped their price objective on shares of Sinclair from $14.00 to $15.00 and gave the company an "underweight" rating in a report on Friday, August 21st. Zacks Research raised shares of Sinclair from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 8th. Weiss Ratings raised shares of Sinclair from a "sell (d+)" rating to a "hold (c)" rating in a report on Monday. Finally, Wall Street Zen upgraded shares of Sinclair from a "hold" rating to a "buy" rating in a research report on Saturday. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Sinclair presently has a consensus rating of "Hold" and an average price target of $19.40.
Check Out Our Latest Report on SBGI
About Sinclair
(
Get Free Report)
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.
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