Sinclair (NASDAQ:SBGI) Downgraded to Sell at StockNews.com

StockNews.com downgraded shares of Sinclair (NASDAQ:SBGI) from a hold rating to a sell rating in a research note released on Friday morning.

Separately, Rosenblatt Securities raised their price objective on shares of Sinclair from $16.40 to $16.50 and gave the company a neutral rating in a research note on Friday.

Sinclair Price Performance

Shares of SBGI opened at $14.67 on Friday. Sinclair has a twelve month low of $9.39 and a twelve month high of $17.58. The company has a 50 day moving average of $13.90 and a two-hundred day moving average of $13.22. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 14.93. The company has a market cap of $970.83 million, a price-to-earnings ratio of -2.06, a price-to-earnings-growth ratio of 0.12 and a beta of 1.54.

Sinclair (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of ($0.13) by $0.40. Sinclair had a positive return on equity of 22.55% and a negative net margin of 10.78%. The business had revenue of $829.00 million during the quarter, compared to analyst estimates of $836.65 million. During the same period last year, the business posted ($1.09) earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, analysts predict that Sinclair will post 4.57 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, August 30th. This represents a $1.00 annualized dividend and a yield of 6.82%. Sinclair’s dividend payout ratio (DPR) is -14.04%.

Hedge Funds Weigh In On Sinclair

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Management Corp VA raised its holdings in Sinclair by 36.7% in the first quarter. Capital Management Corp VA now owns 2,006,720 shares of the company’s stock valued at $27,031,000 after acquiring an additional 538,740 shares in the last quarter. Alden Global Capital LLC raised its holdings in shares of Sinclair by 86.1% in the 4th quarter. Alden Global Capital LLC now owns 645,400 shares of the company’s stock valued at $8,410,000 after purchasing an additional 298,508 shares in the last quarter. Empyrean Capital Partners LP purchased a new stake in shares of Sinclair during the 2nd quarter worth $2,873,000. Inspire Advisors LLC purchased a new position in Sinclair in the second quarter valued at $1,552,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Sinclair in the 1st quarter valued at about $1,359,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.