Sinclair (NASDAQ:SBGI) Shares Gap Up on Analyst Upgrade

Sinclair, Inc. (NASDAQ:SBGI)’s stock price gapped up before the market opened on Monday after Benchmark raised their price target on the stock from $29.00 to $30.00. The stock had previously closed at $14.67, but opened at $15.01. Benchmark currently has a buy rating on the stock. Sinclair shares last traded at $14.68, with a volume of 34,709 shares.

A number of other analysts have also recently commented on the company. Rosenblatt Securities lifted their price target on Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a research report on Friday. StockNews.com downgraded Sinclair from a “hold” rating to a “sell” rating in a report on Friday. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Sinclair has a consensus rating of “Hold” and a consensus target price of $19.88.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Gamco Investors INC. ET AL lifted its holdings in Sinclair by 2.4% in the first quarter. Gamco Investors INC. ET AL now owns 3,591,266 shares of the company’s stock valued at $48,374,000 after acquiring an additional 85,070 shares during the period. Capital Management Corp VA increased its holdings in shares of Sinclair by 36.7% during the 1st quarter. Capital Management Corp VA now owns 2,006,720 shares of the company’s stock valued at $27,031,000 after purchasing an additional 538,740 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Sinclair by 4.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,889,863 shares of the company’s stock valued at $24,626,000 after purchasing an additional 78,793 shares during the period. Alden Global Capital LLC boosted its holdings in Sinclair by 10.5% during the second quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company’s stock worth $16,341,000 after buying an additional 116,074 shares in the last quarter. Finally, Gabelli Funds LLC grew its position in Sinclair by 1.7% during the second quarter. Gabelli Funds LLC now owns 1,208,700 shares of the company’s stock valued at $16,112,000 after buying an additional 20,700 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Sinclair Stock Down 1.0 %

The business’s fifty day simple moving average is $13.90 and its two-hundred day simple moving average is $13.22. The company has a market cap of $961.57 million, a PE ratio of -2.06, a PEG ratio of 0.12 and a beta of 1.54. The company has a debt-to-equity ratio of 14.93, a current ratio of 1.78 and a quick ratio of 1.78.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.40. The firm had revenue of $829.00 million during the quarter, compared to analyst estimates of $836.65 million. Sinclair had a positive return on equity of 22.55% and a negative net margin of 10.78%. Sinclair’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.09) EPS. On average, analysts predict that Sinclair, Inc. will post 4.57 earnings per share for the current year.

Sinclair Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid 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 was Friday, August 30th. Sinclair’s payout ratio is -14.04%.

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.