Sinclair (NASDAQ:SBGI) Price Target Cut to $17.00 by Analysts at Guggenheim

Sinclair (NASDAQ:SBGI) had its target price reduced by Guggenheim from $19.00 to $17.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on SBGI. Wells Fargo & Company reduced their target price on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. JPMorgan Chase & Co. boosted their target price on shares of Sinclair from $14.00 to $16.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 12th. Benchmark reissued a “buy” rating and set a $30.00 target price on shares of Sinclair in a research report on Tuesday, January 28th. Finally, StockNews.com cut shares of Sinclair from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.30.

Sinclair Trading Down 4.2 %

Shares of SBGI stock opened at $13.80 on Monday. The stock has a market cap of $916.61 million, a price-to-earnings ratio of -4.18 and a beta of 1.50. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73. Sinclair has a fifty-two week low of $11.13 and a fifty-two week high of $18.45. The firm’s 50 day moving average price is $15.01 and its two-hundred day moving average price is $15.67.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.62. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. On average, analysts anticipate that Sinclair will post 4.24 EPS for the current year.

Sinclair Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors 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 7.25%. Sinclair’s dividend payout ratio (DPR) is presently 21.46%.

Insider Buying and Selling

In other Sinclair news, Chairman David D. Smith bought 30,296 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $14.09 per share, with a total value of $426,870.64. Following the completion of the acquisition, the chairman now owns 728,986 shares of the company’s stock, valued at approximately $10,271,412.74. This trade represents a 4.34 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 46.60% of the company’s stock.

Institutional Trading of Sinclair

A number of institutional investors and hedge funds have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Sinclair by 19.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 86,580 shares of the company’s stock worth $1,397,000 after purchasing an additional 14,344 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of Sinclair by 52.9% during the fourth quarter. Point72 Asset Management L.P. now owns 210,939 shares of the company’s stock worth $3,405,000 after purchasing an additional 73,006 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sinclair by 4.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,302 shares of the company’s stock worth $295,000 after purchasing an additional 760 shares during the period. Empyrean Capital Partners LP increased its holdings in shares of Sinclair by 8.0% in the 4th quarter. Empyrean Capital Partners LP now owns 1,144,493 shares of the company’s stock worth $18,472,000 after acquiring an additional 84,493 shares during the period. Finally, D. E. Shaw & Co. Inc. acquired a new stake in shares of Sinclair in the 4th quarter worth about $395,000. 41.71% of the stock is owned by institutional investors and hedge funds.

Sinclair Company Profile

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.