Sinclair, Inc. (NASDAQ:SBGI) Short Interest Down 16.6% in November

Sinclair, Inc. (NASDAQ:SBGI) was the target of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 2,560,000 shares, a drop of 16.6% from the October 31st total of 3,070,000 shares. Currently, 6.7% of the company’s shares are sold short. Based on an average daily volume of 374,800 shares, the short-interest ratio is currently 6.8 days.

Sinclair Price Performance

NASDAQ SBGI opened at $18.32 on Monday. Sinclair has a fifty-two week low of $11.13 and a fifty-two week 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. The company has a market capitalization of $1.22 billion, a PE ratio of -5.55, a price-to-earnings-growth ratio of 0.16 and a beta of 1.53. The business’s fifty day moving average is $16.61 and its 200 day moving average is $14.54.

Sinclair (NASDAQ:SBGI) last released its earnings results on Wednesday, November 6th. The company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.89 by $0.54. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The firm had revenue of $917.00 million for the quarter, compared to the consensus estimate of $923.02 million. During the same quarter in the previous year, the firm earned ($0.30) earnings per share. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. Sell-side analysts predict that Sinclair will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.46%. Sinclair’s dividend payout ratio is -30.30%.

Hedge Funds Weigh In On Sinclair

Hedge funds have recently added to or reduced their stakes in the stock. Alden Global Capital LLC increased its holdings in shares of Sinclair by 10.5% during the second quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company’s stock valued at $16,341,000 after acquiring an additional 116,074 shares in the last quarter. Gabelli Funds LLC lifted its stake in shares of Sinclair by 1.7% in the 2nd quarter. Gabelli Funds LLC now owns 1,208,700 shares of the company’s stock valued at $16,112,000 after purchasing an additional 20,700 shares during the period. Geode Capital Management LLC boosted its holdings in Sinclair by 1.9% during the third quarter. Geode Capital Management LLC now owns 826,949 shares of the company’s stock worth $12,655,000 after buying an additional 15,263 shares in the last quarter. Pinnacle Associates Ltd. raised its position in shares of Sinclair by 2.3% in the third quarter. Pinnacle Associates Ltd. now owns 642,738 shares of the company’s stock worth $9,834,000 after acquiring an additional 14,384 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Sinclair by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 447,519 shares of the company’s stock worth $5,965,000 after buying an additional 21,360 shares during the period. 41.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wells Fargo & Company upgraded Sinclair from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $13.00 to $19.00 in a report on Thursday, November 7th. StockNews.com raised shares of Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. Benchmark raised their price target on shares of Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. JPMorgan Chase & Co. upped their price objective on Sinclair from $14.00 to $16.00 and gave the company an “underweight” rating in a research note on Tuesday, November 12th. Finally, Rosenblatt Securities lifted their target price on shares of Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.10.

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.