JPMorgan Chase & Co. Issues Positive Forecast for Sinclair (NASDAQ:SBGI) Stock Price

Sinclair (NASDAQ:SBGIFree Report) had its price target raised by JPMorgan Chase & Co. from $14.00 to $16.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

Several other research firms also recently issued reports on SBGI. Wells Fargo & Company raised Sinclair from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $13.00 to $19.00 in a research note on Thursday, November 7th. Benchmark boosted their target price on Sinclair from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, September 23rd. Rosenblatt Securities upped their price target on Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Finally, StockNews.com upgraded shares of Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $20.38.

Get Our Latest Stock Analysis on Sinclair

Sinclair Price Performance

Shares of SBGI opened at $15.58 on Tuesday. The stock has a 50 day simple moving average of $15.65 and a 200 day simple moving average of $14.22. Sinclair has a 52-week low of $11.13 and a 52-week high of $18.20. The company has a current ratio of 1.91, a quick ratio of 1.78 and a debt-to-equity ratio of 11.73.

Sinclair (NASDAQ:SBGIGet Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.54. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The company had revenue of $917.00 million during the quarter, compared to analysts’ expectations of $923.02 million. During the same quarter in the prior year, the company earned ($0.30) earnings per share. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, sell-side analysts forecast that Sinclair will post 4.57 EPS for the current fiscal year.

Sinclair Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.42%. The ex-dividend date is Monday, December 2nd. Sinclair’s dividend payout ratio is currently -30.30%.

Hedge Funds Weigh In On Sinclair

Hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC acquired a new stake in Sinclair in the second quarter valued at $28,000. GAMMA Investing LLC lifted its stake in Sinclair by 81.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,283 shares of the company’s stock valued at $35,000 after purchasing an additional 1,026 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in Sinclair during the third quarter worth about $39,000. EntryPoint Capital LLC increased its position in Sinclair by 37.2% during the first quarter. EntryPoint Capital LLC now owns 4,001 shares of the company’s stock worth $54,000 after buying an additional 1,085 shares during the last quarter. Finally, Headlands Technologies LLC raised its stake in Sinclair by 1,039.0% in the second quarter. Headlands Technologies LLC now owns 4,647 shares of the company’s stock valued at $62,000 after buying an additional 4,239 shares during the period. 41.71% of the stock is owned by institutional investors.

Sinclair Company Profile

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Sinclair, Inc, a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free-over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs.

Further Reading

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