Key Points
- Sinclair director Robert Smith sold 250,000 shares on November 9 at an average price of $13.98, totaling $3.495 million. The sale cut his position in half, leaving him with 250,000 shares.
- Sinclair’s latest quarter topped analyst expectations: EPS was $0.60 versus a $0.27 consensus, while revenue reached $893 million and grew 15.5% year over year.
- The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a stated 6.9% yield. Analysts’ consensus rating was Hold, with a $19.40 average price target.
Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) Director Robert Smith sold 250,000 shares of Sinclair stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $13.98, for a total value of $3,495,000.00. Following the sale, the director owned 250,000 shares of the company's stock, valued at approximately $3,495,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Sinclair Trading Down 2.8%
Shares of SBGI stock opened at $14.58 on Friday. The firm has a 50-day moving average price of $13.21 and a 200 day moving average price of $14.03. Sinclair, Inc. has a twelve month low of $11.83 and a twelve month high of $17.88. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 10.64 and a beta of 1.24. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 12.05.
Sinclair (NASDAQ:SBGI - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.33. Sinclair had a net margin of 2.84% and a negative return on equity of 4.00%. The company had revenue of $893.00 million for the quarter, compared to analyst estimates of $874.21 million. The firm's quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.02) EPS. Research analysts forecast that Sinclair, Inc. will post 1.35 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, December 15th. Investors of record on Tuesday, December 1st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.00 annualized dividend and a dividend yield of 6.9%. Sinclair's dividend payout ratio is presently 72.99%.
Institutional Trading of Sinclair
A number of hedge funds have recently added to or reduced their stakes in SBGI. Dimensional Fund Advisors LP grew its holdings in Sinclair by 7.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company's stock valued at $21,001,000 after buying an additional 113,788 shares during the period. Capital Management Corp VA increased its stake 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 acquiring an additional 28,902 shares during the last quarter. Converium Capital Inc. increased its stake 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 acquiring an additional 144,674 shares during the last quarter. Pinnacle Associates Ltd. lifted its holdings in shares of Sinclair by 4.5% during the 3rd quarter. Pinnacle Associates Ltd. now owns 774,890 shares of the company's stock worth $9,833,000 after acquiring an additional 33,457 shares during the period. Finally, Advisors Asset Management Inc. purchased a new position in shares of Sinclair during the 3rd quarter worth about $2,256,000. 41.71% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on SBGI. JPMorgan Chase & Co. raised their target price on shares of Sinclair from $14.00 to $15.00 and gave the stock an "underweight" rating in a research report on Friday, August 21st. Zacks Research upgraded Sinclair from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 8th. Wall Street Zen upgraded Sinclair from a "hold" rating to a "buy" rating in a report on Saturday, November 7th. Finally, Weiss Ratings raised Sinclair from a "sell (d+)" rating to a "hold (c)" rating in a research note on Monday. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $19.40.
Read Our Latest Stock Analysis on Sinclair
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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