Insider Selling: Sinclair (NASDAQ:SBGI) Director Sells 1,398 Shares of Stock

Sinclair, Inc. (NASDAQ:SBGI) Director Daniel Keith sold 1,398 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $13.10, for a total transaction of $18,313.80. Following the completion of the transaction, the director owned 47,640 shares in the company, valued at $624,084. This represents a 2.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Sinclair Stock Down 0.4%

SBGI stock traded down $0.05 during midday trading on Thursday, reaching $13.01. 410,579 shares of the company were exchanged, compared to its average volume of 522,421. The company has a market cap of $931.78 million, a price-to-earnings ratio of -7.74 and a beta of 1.03. The company has a debt-to-equity ratio of 11.78, a quick ratio of 2.42 and a current ratio of 2.42. Sinclair, Inc. has a 1-year low of $11.89 and a 1-year high of $17.88. The stock’s 50-day simple moving average is $14.31 and its 200 day simple moving average is $14.67.

Sinclair (NASDAQ:SBGI) last issued its earnings results on Wednesday, February 25th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.07. The business had revenue of $836.00 million during the quarter, compared to analysts’ expectations of $840.25 million. Sinclair had a negative net margin of 3.53% and a negative return on equity of 64.27%. The company’s revenue for the quarter was down 16.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.61 EPS. On average, equities analysts forecast that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, March 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.7%. Sinclair’s dividend payout ratio is -59.52%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SBGI. JPMorgan Chase & Co. decreased their target price on shares of Sinclair from $15.00 to $14.00 and set an “underweight” rating for the company in a research note on Wednesday. Weiss Ratings downgraded Sinclair from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Benchmark increased their price objective on Sinclair from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Wall Street Zen upgraded Sinclair from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Finally, Wells Fargo & Company boosted their target price on Sinclair from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.25.

Hedge Funds Weigh In On Sinclair

A number of large investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. boosted its holdings in Sinclair by 142.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock worth $25,000 after buying an additional 1,065 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new position in Sinclair in the fourth quarter valued at about $32,000. Tower Research Capital LLC TRC increased its holdings in Sinclair by 175.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company’s stock valued at $41,000 after buying an additional 1,882 shares in the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of Sinclair during the 3rd quarter valued at approximately $48,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Sinclair during the 2nd quarter valued at approximately $54,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

About Sinclair

Sinclair Broadcast Group, Inc (NASDAQ: SBGI) is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.