Cresset Asset Management LLC Sells 739 Shares of Sinclair, Inc. (NASDAQ:SBGI)

Cresset Asset Management LLC lowered its stake in shares of Sinclair, Inc. (NASDAQ:SBGI) by 3.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 23,726 shares of the company’s stock after selling 739 shares during the quarter. Cresset Asset Management LLC’s holdings in Sinclair were worth $383,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. New York State Common Retirement Fund lifted its stake in Sinclair by 29.4% during the 4th quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock valued at $121,000 after acquiring an additional 1,700 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Sinclair by 5.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,500 shares of the company’s stock valued at $590,000 after acquiring an additional 2,035 shares during the period. Wells Fargo & Company MN lifted its stake in Sinclair by 8.5% during the 4th quarter. Wells Fargo & Company MN now owns 33,548 shares of the company’s stock valued at $541,000 after acquiring an additional 2,620 shares during the period. Federated Hermes Inc. bought a new position in Sinclair during the 4th quarter valued at about $47,000. Finally, Barclays PLC lifted its stake in shares of Sinclair by 6.9% in the 4th quarter. Barclays PLC now owns 57,974 shares of the company’s stock worth $935,000 after purchasing an additional 3,745 shares during the period. Institutional investors own 41.71% of the company’s stock.

Sinclair Price Performance

NASDAQ SBGI opened at $15.36 on Friday. Sinclair, Inc. has a 12 month low of $11.13 and a 12 month high of $18.46. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -4.65 and a beta of 1.36. The company’s 50 day moving average is $14.97 and its two-hundred day moving average is $15.60. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 11.73.

Sinclair (NASDAQ:SBGI) last released its earnings results on Wednesday, May 7th. The company reported ($2.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.78) by ($0.40). Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The firm had revenue of $776.00 million for the quarter, compared to the consensus estimate of $774.79 million. During the same quarter in the previous year, the business posted $0.35 EPS. Sinclair’s revenue was down 2.8% on a year-over-year basis. As a group, research analysts anticipate that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.51%. The ex-dividend date is Friday, May 30th. Sinclair’s dividend payout ratio (DPR) is currently 49.75%.

Insider Buying and Selling at Sinclair

In related news, Chairman David D. Smith acquired 4,616 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $16.44 per share, with a total value of $75,887.04. Following the acquisition, the chairman now directly owns 972,205 shares in the company, valued at $15,983,050.20. This represents a 0.48% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders purchased a total of 458,530 shares of company stock valued at $6,636,392 in the last three months. 41.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SBGI. StockNews.com cut shares of Sinclair from a “hold” rating to a “sell” rating in a research note on Monday. Benchmark lowered their price objective on shares of Sinclair from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Guggenheim lowered their price objective on shares of Sinclair from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Finally, Wells Fargo & Company lowered their price objective on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Sinclair has an average rating of “Hold” and a consensus price target of $19.10.

Sinclair Profile

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.