Sinclair (NASDAQ:SBGI) Upgraded to Hold at Zacks Research

Sinclair (NASDAQ:SBGI) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday, Zacks reports.

Several other research analysts have also recently issued reports on SBGI. JPMorgan Chase & Co. increased their price objective on shares of Sinclair from $14.00 to $15.00 and gave the company an “underweight” rating in a report on Friday, August 21st. Wall Street Zen downgraded Sinclair from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings raised Sinclair from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 25th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sinclair has a consensus rating of “Hold” and an average price target of $19.40.

Sinclair Stock Performance

Shares of SBGI opened at $13.55 on Tuesday. The firm has a 50-day moving average price of $14.16 and a 200 day moving average price of $14.25. The firm has a market capitalization of $979.94 million, a PE ratio of 18.07 and a beta of 1.05. 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 has a 52-week low of $12.46 and a 52-week high of $17.88.

Sinclair (NASDAQ:SBGI) last released its earnings results on Wednesday, August 5th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.82). Sinclair had a net margin of 1.60% and a negative return on equity of 16.09%. The company had revenue of $840.00 million for the quarter, compared to analyst estimates of $838.99 million. During the same period in the previous year, the business posted ($0.91) EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts anticipate that Sinclair will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Sinclair

Institutional investors and hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. boosted its stake in shares of Sinclair by 142.0% during the 2nd 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 in the last quarter. Hilton Head Capital Partners LLC acquired a new position in shares of Sinclair in the 4th quarter worth $32,000. Tower Research Capital LLC TRC raised its position in shares of Sinclair by 175.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company’s stock worth $41,000 after purchasing an additional 1,882 shares during the period. Aquatic Capital Management LLC acquired a new stake in shares of Sinclair during the third quarter worth $48,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Sinclair during the second quarter valued at $54,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

Sinclair Company Profile

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.