Sinclair (NASDAQ:SBGI) Stock: Insider Robert Smith Sells 250,000 Shares

Sinclair, Inc. (NASDAQ:SBGI) Director Robert Smith sold 250,000 shares of the business’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $13.98, for a total value of $3,495,000.00. Following the transaction, the director directly owned 250,000 shares of the company’s stock, valued at approximately $3,495,000. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Sinclair Stock Up 3.8%

Shares of NASDAQ:SBGI opened at $15.14 on Friday. The company has a fifty day moving average of $13.23 and a 200-day moving average of $14.03. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 12.05. Sinclair, Inc. has a 52-week low of $11.83 and a 52-week high of $17.88.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.33. The company had revenue of $893.00 million for the quarter, compared to analysts’ expectations of $874.21 million. Sinclair had a net margin of 2.84% and a negative return on equity of 4.00%. Sinclair’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. Analysts forecast that Sinclair, Inc. will post 1.35 EPS for the current year.

Sinclair Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date of this dividend is Tuesday, December 1st. Sinclair’s payout ratio is currently 72.99%.

Hedge Funds Weigh In On Sinclair

A number of hedge funds and other institutional investors have recently modified their holdings of SBGI. Empowered Funds LLC increased its holdings in Sinclair by 443.5% during the third quarter. Empowered Funds LLC now owns 135,363 shares of the company’s stock worth $1,718,000 after buying an additional 110,458 shares during the last quarter. Advisors Asset Management Inc. purchased a new position in shares of Sinclair during the 3rd quarter valued at $2,256,000. Russell Investments Group Ltd. lifted its position in shares of Sinclair by 216.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 104,042 shares of the company’s stock valued at $1,320,000 after buying an additional 71,134 shares during the last quarter. Jacobi Capital Management LLC purchased a new position in shares of Sinclair in the third quarter worth about $37,000. Finally, Capital Management Corp VA increased its stake in shares of Sinclair by 2.1% in the third quarter. Capital Management Corp VA now owns 1,437,884 shares of the company’s stock worth $18,247,000 after purchasing an additional 28,902 shares in the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SBGI shares. Wall Street Zen upgraded Sinclair from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Weiss Ratings upgraded shares of Sinclair from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday. JPMorgan Chase & Co. upped 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. Finally, Zacks Research raised Sinclair from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 8th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.40.

About Sinclair

Sinclair, Inc., formerly known as Sinclair Broadcast Group, is a U.S. media company focused on local television broadcasting. Its stations provide local news, sports and entertainment programming, often alongside content from major television networks. The company also operates national television brands, including Tennis Channel and the multicast networks Comet, Charge! and TBD. Its businesses include producing and distributing programming and selling advertising across its television and digital platforms.