Insider Buying: Sinclair, Inc. (NASDAQ:SBGI) Chairman Purchases 30,296 Shares of Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith purchased 30,296 shares of the stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $14.09 per share, with a total value of $426,870.64. Following the completion of the transaction, the chairman now owns 728,986 shares of the company’s stock, valued at approximately $10,271,412.74. This trade represents a 4.34 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Sinclair Stock Performance

NASDAQ SBGI traded up $0.21 during trading hours on Thursday, hitting $14.54. The company had a trading volume of 274,264 shares, compared to its average volume of 231,615. The business has a 50 day moving average of $15.10 and a 200-day moving average of $15.62. The company has a market cap of $965.63 million, a PE ratio of -4.41 and a beta of 1.55. Sinclair, Inc. has a 1-year low of $11.13 and a 1-year high of $18.45. The company has a debt-to-equity ratio of 11.73, a quick ratio of 1.91 and a current ratio of 1.91.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $2.61 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.62. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $1.01 billion. As a group, equities research analysts expect that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Monday, March 10th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.88%. The ex-dividend date of this dividend is Monday, March 10th. Sinclair’s dividend payout ratio is presently 21.46%.

Hedge Funds Weigh In On Sinclair

Institutional investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new stake in Sinclair in the third quarter valued at $39,000. Empowered Funds LLC boosted its holdings in shares of Sinclair by 5.4% during the third quarter. Empowered Funds LLC now owns 232,090 shares of the company’s stock worth $3,551,000 after purchasing an additional 11,792 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new stake in Sinclair in the 3rd quarter valued at about $1,605,000. Quantbot Technologies LP boosted its holdings in shares of Sinclair by 103.2% in the 3rd quarter. Quantbot Technologies LP now owns 26,365 shares of the company’s stock valued at $403,000 after purchasing an additional 13,390 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Sinclair during the 3rd quarter valued at $822,000. 41.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SBGI. JPMorgan Chase & Co. lifted their target price on Sinclair from $14.00 to $16.00 and gave the company an “underweight” rating in a research report on Tuesday, November 12th. Guggenheim upped their price objective on Sinclair from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Benchmark reaffirmed a “buy” rating and issued a $30.00 target price on shares of Sinclair in a report on Tuesday, January 28th. StockNews.com downgraded shares of Sinclair from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, 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 research note on Thursday, February 27th. One research 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’s stock. According to MarketBeat, 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.