Sinclair (NASDAQ:SBGI) Stock Price Down 6.7% – Time to Sell?

Shares of Sinclair, Inc. (NASDAQ:SBGI) were down 6.7% during mid-day trading on Thursday . The company traded as low as $15.85 and last traded at $15.65. Approximately 187,826 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 302,074 shares. The stock had previously closed at $16.77.

Analysts Set New Price Targets

SBGI has been the topic of a number of analyst reports. Guggenheim cut their price target on Sinclair from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Wells Fargo & Company cut their target price 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. Benchmark restated a “buy” rating and set a $30.00 target price on shares of Sinclair in a report on Tuesday, January 28th. Finally, StockNews.com cut Sinclair from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. 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’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.30.

Sinclair Trading Down 0.3 %

The business has a 50 day simple moving average of $14.92 and a 200-day simple moving average of $15.83. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -4.74 and a beta of 1.50. The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91.

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

Sinclair Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 10th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, March 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.40%. Sinclair’s payout ratio is 21.46%.

Insider Buying and Selling

In other news, Chairman David D. Smith bought 67,131 shares of the business’s stock in a transaction on Monday, March 10th. The shares were purchased at an average price of $13.96 per share, for a total transaction of $937,148.76. Following the purchase, the chairman now owns 818,869 shares of the company’s stock, valued at approximately $11,431,411.24. The trade was a 8.93 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders purchased 262,541 shares of company stock valued at $3,844,778. Company insiders own 46.60% of the company’s stock.

Institutional Trading of Sinclair

A number of hedge funds and other institutional investors have recently made changes to their positions in SBGI. GAMMA Investing LLC boosted its holdings in Sinclair by 26.9% during the fourth quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock worth $47,000 after purchasing an additional 613 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Sinclair by 4.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,302 shares of the company’s stock valued at $295,000 after acquiring an additional 760 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Sinclair by 29.4% in the fourth quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock valued at $121,000 after acquiring an additional 1,700 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Sinclair by 5.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,500 shares of the company’s stock worth $590,000 after acquiring an additional 2,035 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in Sinclair by 8.5% in the fourth quarter. Wells Fargo & Company MN now owns 33,548 shares of the company’s stock valued at $541,000 after purchasing an additional 2,620 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.