Sinclair (NASDAQ:SBGI) Shares Down 4.7% – Here’s What Happened

Sinclair, Inc. (NASDAQ:SBGI)’s stock price traded down 4.7% on Wednesday . The company traded as low as $14.16 and last traded at $14.23. 154,062 shares were traded during mid-day trading, a decline of 25% from the average session volume of 204,287 shares. The stock had previously closed at $14.92.

Analyst Ratings Changes

SBGI has been the subject of a number of recent analyst reports. Guggenheim raised their target price on Sinclair from $18.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Wells Fargo & Company upgraded Sinclair from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $13.00 to $19.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised their price target on Sinclair from $14.00 to $16.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 12th. Finally, Benchmark reaffirmed a “buy” rating and set a $30.00 price objective on shares of Sinclair in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.10.

Sinclair Trading Down 3.6 %

The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91. The stock has a market capitalization of $955.27 million, a price-to-earnings ratio of -4.36 and a beta of 1.55. The business’s 50-day simple moving average is $16.23 and its two-hundred day simple moving average is $15.54.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.54. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The company had revenue of $917.00 million during the quarter, compared to the consensus estimate of $923.02 million. During the same quarter last year, the company earned ($0.30) earnings per share. Sinclair’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, research analysts anticipate that Sinclair, Inc. will post 4.24 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.95%. The ex-dividend date of this dividend was Monday, December 2nd. Sinclair’s dividend payout ratio (DPR) is currently -30.30%.

Hedge Funds Weigh In On Sinclair

A number of hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in shares of Sinclair by 26.9% during the fourth quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock valued at $47,000 after acquiring an additional 613 shares during the period. nVerses Capital LLC lifted its position in Sinclair by 71.4% in the 3rd quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock valued at $55,000 after purchasing an additional 1,500 shares during the last quarter. New York State Common Retirement Fund boosted 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 purchasing an additional 1,700 shares during the period. Harbor Capital Advisors Inc. bought a new position in Sinclair in the 3rd quarter worth about $39,000. Finally, HighTower Advisors LLC increased its stake in shares of Sinclair by 15.4% in the third quarter. HighTower Advisors LLC now owns 28,463 shares of the company’s stock valued at $433,000 after purchasing an additional 3,801 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.