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

Shares of Sinclair, Inc. (NASDAQ:SBGI) traded down 4.7% during trading on Wednesday . The company traded as low as $14.16 and last traded at $14.23. 154,062 shares traded hands 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 Upgrades and Downgrades

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

Sinclair Price Performance

The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73. The company’s 50 day moving average is $16.09 and its 200 day moving average is $15.53. The firm has a market capitalization of $972.39 million, a price-to-earnings ratio of -4.44 and a beta of 1.55.

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

Sinclair Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.25 dividend. The ex-dividend date was Monday, December 2nd. This represents a $1.00 annualized dividend and a yield of 6.83%. Sinclair’s dividend payout ratio is presently -30.30%.

Institutional Trading of Sinclair

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Sinclair by 81.6% during the third quarter. GAMMA Investing LLC now owns 2,283 shares of the company’s stock worth $35,000 after purchasing an additional 1,026 shares during the period. Harbor Capital Advisors Inc. bought a new position in Sinclair in the third quarter valued at approximately $39,000. nVerses Capital LLC lifted its stake in Sinclair by 71.4% during the third quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock worth $55,000 after purchasing an additional 1,500 shares during the last quarter. Point72 DIFC Ltd bought a new stake in Sinclair during the third quarter worth $91,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of Sinclair by 29.4% in 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 in the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

Sinclair Company Profile

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.