Bank of New York Mellon Corp Cuts Stake in Sinclair, Inc. (NASDAQ:SBGI)

Bank of New York Mellon Corp lowered its position in Sinclair, Inc. (NASDAQ:SBGI) by 9.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,587 shares of the company’s stock after selling 36,845 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.55% of Sinclair worth $5,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of SBGI. Empowered Funds LLC boosted its stake in Sinclair by 5.4% in the third quarter. Empowered Funds LLC now owns 232,090 shares of the company’s stock worth $3,551,000 after buying an additional 11,792 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in Sinclair in the third quarter worth approximately $1,605,000. Quantbot Technologies LP boosted its stake in Sinclair by 103.2% in the third quarter. Quantbot Technologies LP now owns 26,365 shares of the company’s stock worth $403,000 after buying an additional 13,390 shares in the last quarter. Verition Fund Management LLC purchased a new stake in Sinclair in the third quarter worth approximately $822,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Sinclair in the third quarter valued at approximately $121,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Insider Transactions at Sinclair

In related news, Chairman David D. Smith bought 42,595 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $14.08 per share, with a total value of $599,737.60. Following the completion of the purchase, the chairman now owns 901,360 shares in the company, valued at approximately $12,691,148.80. The trade was a 4.96 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have purchased 178,432 shares of company stock valued at $2,501,881. Insiders own 46.60% of the company’s stock.

Analyst Upgrades and Downgrades

SBGI has been the subject of several recent research reports. Guggenheim lowered their price objective on Sinclair from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, March 10th. StockNews.com downgraded Sinclair from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Wells Fargo & Company decreased their target price on Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Finally, Benchmark restated a “buy” rating and set a $30.00 target price on shares of Sinclair in a report on Tuesday, January 28th. One equities 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.30.

Sinclair Price Performance

SBGI opened at $14.85 on Monday. The stock has a fifty day simple moving average of $14.84 and a two-hundred day simple moving average of $15.68. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 11.73. The company has a market cap of $987.06 million, a price-to-earnings ratio of -4.50 and a beta of 1.50. Sinclair, Inc. has a 12-month low of $11.13 and a 12-month high of $18.46.

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

Sinclair Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Monday, March 10th will be paid a $0.25 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.73%. Sinclair’s dividend payout ratio is currently 21.46%.

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.