Sinclair (NASDAQ:SBGI) Director Sells $235,655.90 in Stock

Sinclair, Inc. (NASDAQ:SBGI) Director Daniel Keith sold 17,989 shares of the stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $13.10, for a total transaction of $235,655.90. Following the completion of the sale, the director directly owned 49,038 shares in the company, valued at approximately $642,397.80. The trade was a 26.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Sinclair Price Performance

NASDAQ:SBGI traded down $0.05 during mid-day trading on Thursday, hitting $13.01. 410,579 shares of the stock traded hands, compared to its average volume of 522,421. The business’s 50-day moving average price is $14.31 and its 200 day moving average price is $14.67. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 11.78. The company has a market cap of $931.78 million, a PE ratio of -7.74 and a beta of 1.03. Sinclair, Inc. has a 12-month low of $11.89 and a 12-month high of $17.88.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.07. The firm had revenue of $836.00 million during the quarter, compared to the consensus estimate of $840.25 million. Sinclair had a negative net margin of 3.53% and a negative return on equity of 64.27%. The business’s quarterly revenue was down 16.7% compared to the same quarter last year. During the same period last year, the firm earned $2.61 EPS. On average, analysts expect that Sinclair, Inc. will post 4.24 EPS for the current fiscal year.

Sinclair Announces Dividend

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Sinclair

A number of large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Sinclair by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,082 shares of the company’s stock worth $304,000 after acquiring an additional 780 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Sinclair by 26.2% during the second quarter. Ameritas Investment Partners Inc. now owns 3,945 shares of the company’s stock valued at $55,000 after purchasing an additional 820 shares in the last quarter. Royal Bank of Canada grew its stake in Sinclair by 5.4% in the fourth quarter. Royal Bank of Canada now owns 17,001 shares of the company’s stock worth $261,000 after purchasing an additional 869 shares during the period. Kendall Capital Management grew its stake in Sinclair by 3.8% in the third quarter. Kendall Capital Management now owns 26,495 shares of the company’s stock worth $400,000 after purchasing an additional 965 shares during the period. Finally, Geneos Wealth Management Inc. raised its holdings in Sinclair by 142.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock worth $25,000 after purchasing an additional 1,065 shares in the last quarter. Hedge funds and other institutional investors 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.