Pinnacle Associates Ltd. Has $9.67 Million Position in Sinclair, Inc. $SBGI

Pinnacle Associates Ltd. cut its position in shares of Sinclair, Inc. (NASDAQ:SBGI) by 5.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 631,773 shares of the company’s stock after selling 36,848 shares during the period. Pinnacle Associates Ltd.’s holdings in Sinclair were worth $9,666,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in Sinclair by 5.7% during the first quarter. AQR Capital Management LLC now owns 41,993 shares of the company’s stock worth $656,000 after purchasing an additional 2,258 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Sinclair by 4.3% during 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 during the period. Acadian Asset Management LLC boosted its stake in shares of Sinclair by 134.7% during the 1st quarter. Acadian Asset Management LLC now owns 11,525 shares of the company’s stock worth $182,000 after acquiring an additional 6,615 shares during the period. Cetera Investment Advisers increased its holdings in shares of Sinclair by 17.7% during the 2nd quarter. Cetera Investment Advisers now owns 17,097 shares of the company’s stock worth $236,000 after acquiring an additional 2,572 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Sinclair by 5.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 31,075 shares of the company’s stock valued at $429,000 after acquiring an additional 1,511 shares during the period. 41.71% of the stock is owned by institutional investors.

Sinclair Trading Up 0.6%

SBGI stock opened at $14.13 on Friday. The company has a debt-to-equity ratio of 11.10, a quick ratio of 2.42 and a current ratio of 2.42. The company’s 50-day simple moving average is $14.46 and its 200 day simple moving average is $14.89. Sinclair, Inc. has a 52 week low of $11.89 and a 52 week high of $17.88. The company has a market capitalization of $1.02 billion, a PE ratio of 15.70 and a beta of 1.09.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.96. Sinclair had a net margin of 2.00% and a negative return on equity of 12.62%. The firm had revenue of $807.00 million during the quarter, compared to the consensus estimate of $792.63 million. During the same quarter in the previous year, the firm posted ($2.30) EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Sinclair, Inc. will post 1.68 earnings per share for the current year.

Sinclair Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Investors of record on Tuesday, May 26th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.00 dividend on an annualized basis and a yield of 7.1%. Sinclair’s dividend payout ratio is currently 111.11%.

Insiders Place Their Bets

In other news, COO Robert Weisbord sold 10,000 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $15.70, for a total transaction of $157,000.00. Following the sale, the chief operating officer directly owned 284,525 shares of the company’s stock, valued at approximately $4,467,042.50. This represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel C. Keith sold 22,613 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $13.10, for a total value of $296,230.30. Following the completion of the transaction, the director owned 25,027 shares in the company, valued at $327,853.70. The trade was a 47.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 55,672 shares of company stock worth $758,498. Corporate insiders own 41.90% of the company’s stock.

Analyst Upgrades and Downgrades

SBGI has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft set a $17.00 price objective on shares of Sinclair in a research report on Wednesday, April 15th. Wells Fargo & Company reduced their target price on shares of Sinclair from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Guggenheim decreased their price target on shares of Sinclair from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, May 5th. Weiss Ratings raised shares of Sinclair from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded Sinclair from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Sinclair has a consensus rating of “Hold” and a consensus target price of $19.20.

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.