Sinclair (NASDAQ:SBGI) Reaches New 52-Week Low – Here’s Why

Shares of Sinclair, Inc. (NASDAQ:SBGI) hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $12.12 and last traded at $12.35, with a volume of 28,534 shares changing hands. The stock had previously closed at $12.39.

Analysts Set New Price Targets

Several research firms have recently commented on SBGI. Weiss Ratings lowered shares of Sinclair from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Zacks Research raised shares of Sinclair from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 8th. Wall Street Zen lowered shares of Sinclair from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Sinclair from $14.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, August 21st. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Sinclair has an average rating of “Hold” and an average target price of $19.40.

Sinclair Trading Up 0.1%

The company has a 50 day moving average of $13.41 and a 200 day moving average of $14.01. The firm has a market cap of $897.35 million, a P/E ratio of 16.58 and a beta of 1.12. The company has a debt-to-equity ratio of 13.28, a quick ratio of 1.94 and a current ratio of 1.94.

Sinclair (NASDAQ:SBGI) last released its earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.91) EPS. Analysts predict that Sinclair, Inc. will post 1.01 EPS for the current fiscal year.

Sinclair Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.1%. The ex-dividend date was Monday, August 31st. Sinclair’s dividend payout ratio is currently 133.33%.

Insider Activity at Sinclair

In related news, EVP David Gibber sold 29,246 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $13.74, for a total transaction of $401,840.04. Following the transaction, the executive vice president owned 184,244 shares in the company, valued at $2,531,512.56. This represents a 13.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 42.10% of the company’s stock.

Hedge Funds Weigh In On Sinclair

A number of hedge funds and other institutional investors have recently bought and sold shares of SBGI. Simplicity Wealth LLC acquired a new position in Sinclair during the third quarter valued at approximately $190,000. Pinnacle Associates Ltd. lifted its position in shares of Sinclair by 4.5% in the third quarter. Pinnacle Associates Ltd. now owns 774,890 shares of the company’s stock valued at $9,833,000 after buying an additional 33,457 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Sinclair by 2,823.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,280 shares of the company’s stock valued at $29,000 after acquiring an additional 2,202 shares during the period. Waverly Advisors LLC grew its stake in Sinclair by 9.7% in the 2nd quarter. Waverly Advisors LLC now owns 13,346 shares of the company’s stock valued at $190,000 after buying an additional 1,181 shares during the last quarter. Finally, Odyssean LLC bought a new position in Sinclair during the 2nd quarter worth $242,000. 41.71% of the stock is owned by institutional investors.

Sinclair Company Profile

Sinclair, Inc is a diversified media company that owns and operates local television stations across the United States. Its broadcast portfolio includes ABC, CBS, FOX, NBC, and other network-affiliated stations, as well as independent stations. Sinclair’s local media operations produce news, weather, sports, and community-focused programming for viewers in markets throughout the country.

The company also develops and distributes national and regional content through cable networks, digital platforms, and streaming services.