Renaissance Technologies LLC Has $714,000 Stock Position in Sinclair, Inc. $SBGI

Renaissance Technologies LLC lessened its holdings in Sinclair, Inc. (NASDAQ:SBGI) by 44.3% in the first quarter, HoldingsChannel reports. The fund owned 55,200 shares of the company’s stock after selling 43,871 shares during the period. Renaissance Technologies LLC’s holdings in Sinclair were worth $714,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. increased its position 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 acquiring an additional 1,065 shares during the period. Hilton Head Capital Partners LLC bought a new stake in Sinclair in the 4th quarter valued at about $32,000. Tower Research Capital LLC TRC boosted its holdings in Sinclair by 175.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company’s stock valued at $41,000 after purchasing an additional 1,882 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of Sinclair during the 3rd quarter worth approximately $48,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Sinclair during the 2nd quarter worth approximately $54,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SBGI shares. Weiss Ratings downgraded shares of Sinclair from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Wall Street Zen downgraded Sinclair from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Wells Fargo & Company lowered their price objective on Sinclair from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Zacks Research cut Sinclair from a “hold” rating to a “strong sell” rating in a report on Monday, August 10th. Finally, Guggenheim cut their target price on Sinclair from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, May 5th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $19.20.

Sinclair Price Performance

SBGI stock opened at $14.84 on Monday. The company’s 50-day moving average price is $14.08 and its two-hundred day moving average price is $14.30. The firm has a market cap of $1.07 billion, a P/E ratio of 19.79 and a beta of 1.06. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 13.28. Sinclair, Inc. has a 12 month low of $12.46 and a 12 month high of $17.88.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.82). The firm had revenue of $840.00 million for the quarter, compared to analyst estimates of $838.99 million. Sinclair had a negative return on equity of 16.09% and a net margin of 1.60%.The business’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.91) EPS. On average, analysts anticipate that Sinclair, Inc. will post 1.48 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a $0.25 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.00 annualized dividend and a dividend yield of 6.7%. Sinclair’s dividend payout ratio (DPR) is presently 133.33%.

Insider Buying and Selling at Sinclair

In other news, EVP David B. Gibber sold 29,246 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $13.74, for a total transaction of $401,840.04. Following the completion of the transaction, the executive vice president owned 184,244 shares of the company’s stock, valued at approximately $2,531,512.56. The trade was a 13.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel C. Keith sold 17,000 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $15.02, for a total value of $255,340.00. Following the sale, the director owned 25,122 shares of the company’s stock, valued at approximately $377,332.44. This represents a 40.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 42.10% 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.