Insider Buying: Sinclair, Inc. (NASDAQ:SBGI) Chairman Purchases $599,737.60 in Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith purchased 42,595 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $14.08 per share, with a total value of $599,737.60. Following the transaction, the chairman now directly owns 901,360 shares of the company’s stock, valued at $12,691,148.80. The trade was a 4.96 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Sinclair Stock Up 3.2 %

Shares of NASDAQ SBGI opened at $14.85 on Monday. 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 stock has a fifty day moving average price of $14.84 and a 200 day moving average price of $15.68. The company has a market cap of $987.06 million, a P/E 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 for the quarter, beating analysts’ consensus estimates of $1.99 by $0.62. The company had revenue of $1 billion during 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%. Research analysts anticipate that Sinclair, Inc. will post 4.24 EPS for the current fiscal year.

Sinclair Dividend Announcement

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

Hedge Funds Weigh In On Sinclair

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Sinclair by 19.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 86,580 shares of the company’s stock valued at $1,397,000 after buying an additional 14,344 shares during the last quarter. Point72 Asset Management L.P. lifted its position 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 last quarter. Empyrean Capital Partners LP lifted its position in shares of Sinclair by 8.0% during the fourth quarter. Empyrean Capital Partners LP now owns 1,144,493 shares of the company’s stock worth $18,472,000 after purchasing an additional 84,493 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of Sinclair during the fourth quarter worth about $395,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SBGI. Guggenheim dropped their price objective on shares of Sinclair from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Benchmark reiterated a “buy” rating and issued a $30.00 price target on shares of Sinclair in a report on Tuesday, January 28th. Wells Fargo & Company lowered their price target 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, StockNews.com downgraded Sinclair from a “buy” rating to a “hold” rating in a 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.com, Sinclair has an average rating of “Hold” and an average target price of $19.30.

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.