Insider Selling: Sinclair (NASDAQ:SBGI) EVP Sells 29,376 Shares of Stock

Sinclair, Inc. (NASDAQ:SBGI) EVP David Gibber sold 29,376 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $16.67, for a total value of $489,697.92. Following the transaction, the executive vice president directly owned 165,272 shares in the company, valued at $2,755,084.24. This trade represents a 15.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Sinclair Stock Down 3.2%

Shares of Sinclair stock traded down $0.55 on Friday, hitting $16.45. The company had a trading volume of 396,671 shares, compared to its average volume of 435,162. The firm has a market capitalization of $1.15 billion, a P/E ratio of -26.53 and a beta of 0.99. The company has a debt-to-equity ratio of 14.77, a current ratio of 2.01 and a quick ratio of 2.01. Sinclair, Inc. has a twelve month low of $11.89 and a twelve month high of $17.88. The stock has a 50-day moving average of $14.71 and a 200-day moving average of $14.34.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.65) by $0.63. Sinclair had a negative return on equity of 10.19% and a negative net margin of 1.35%.The company had revenue of $773.00 million during the quarter, compared to analysts’ expectations of $766.78 million. During the same quarter last year, the company earned $1.43 EPS. Sinclair’s revenue for the quarter was down 15.7% compared to the same quarter last year. Research analysts predict that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend is Monday, December 1st. Sinclair’s dividend payout ratio is -161.29%.

Institutional Trading of Sinclair

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Sinclair by 65.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 717,007 shares of the company’s stock worth $11,422,000 after purchasing an additional 282,400 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Sinclair by 5.4% during the second quarter. Gamco Investors INC. ET AL now owns 3,940,802 shares of the company’s stock valued at $54,462,000 after buying an additional 200,415 shares during the last quarter. Geode Capital Management LLC grew its holdings in Sinclair by 15.3% during the second quarter. Geode Capital Management LLC now owns 971,689 shares of the company’s stock worth $13,431,000 after buying an additional 129,277 shares in the last quarter. Alpha Wealth Funds LLC purchased a new stake in Sinclair in the 2nd quarter valued at $515,000. Finally, Algert Global LLC purchased a new stake in Sinclair in the 1st quarter valued at $1,608,000. 41.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SBGI. Weiss Ratings restated a “hold (c-)” rating on shares of Sinclair in a research report on Monday. Guggenheim lifted their target price on Sinclair from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Zacks Research raised shares of Sinclair from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 13th. Finally, Wall Street Zen raised shares of Sinclair from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. 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 data from MarketBeat.com, Sinclair currently has an average rating of “Hold” and a consensus target price of $19.00.

About Sinclair

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.