Insider Buying: Sinclair, Inc. (NASDAQ:SBGI) Chairman Purchases 38,410 Shares of Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith bought 38,410 shares of Sinclair stock in a transaction on Monday, March 3rd. The shares were acquired at an average price of $14.01 per share, for a total transaction of $538,124.10. Following the completion of the acquisition, the chairman now owns 645,564 shares of the company’s stock, valued at approximately $9,044,351.64. This represents a 6.33 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

Sinclair Stock Down 2.5 %

Shares of NASDAQ:SBGI traded down $0.35 during midday trading on Tuesday, reaching $13.56. The company had a trading volume of 520,107 shares, compared to its average volume of 227,220. 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 business’s 50 day moving average price is $15.13 and its 200 day moving average price is $15.63. The stock has a market cap of $900.67 million, a PE ratio of -4.11 and a beta of 1.55. Sinclair, Inc. has a 1-year low of $11.13 and a 1-year high of $18.45.

Sinclair (NASDAQ:SBGI) last released its earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.62. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $1.01 billion. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. Research analysts forecast that Sinclair, Inc. will post 4.24 EPS for the current fiscal year.

Sinclair Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 7.37%. The ex-dividend date of this dividend is Monday, March 10th. Sinclair’s dividend payout ratio (DPR) is presently 21.46%.

Hedge Funds Weigh In On Sinclair

A number of institutional investors have recently bought and sold shares of SBGI. Carronade Capital Management LP increased its position in Sinclair by 418.1% during the fourth quarter. Carronade Capital Management LP now owns 440,419 shares of the company’s stock worth $7,108,000 after buying an additional 355,419 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Sinclair in the third quarter valued at approximately $2,110,000. Segall Bryant & Hamill LLC acquired a new position in shares of Sinclair in the third quarter valued at approximately $1,605,000. Trexquant Investment LP acquired a new position in shares of Sinclair in the fourth quarter valued at approximately $1,688,000. Finally, Empyrean Capital Partners LP grew its position in shares of Sinclair by 8.0% in the fourth quarter. Empyrean Capital Partners LP now owns 1,144,493 shares of the company’s stock valued at $18,472,000 after purchasing an additional 84,493 shares during the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SBGI shares. Benchmark restated a “buy” rating and issued a $30.00 price target on shares of Sinclair in a report on Tuesday, January 28th. Guggenheim boosted 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. Wells Fargo & Company cut their price target on Sinclair from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. StockNews.com upgraded Sinclair from a “hold” rating to a “buy” rating in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. boosted their price target on Sinclair from $14.00 to $16.00 and gave the company an “underweight” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $19.70.

About Sinclair

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.