Insider Buying: Sinclair, Inc. (NASDAQ:SBGI) Chairman Acquires $972,521.89 in Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith acquired 61,591 shares of Sinclair stock in a transaction dated Tuesday, March 18th. The shares were bought at an average cost of $15.79 per share, with a total value of $972,521.89. Following the transaction, the chairman now owns 962,951 shares in the company, valued at approximately $15,204,996.29. This trade represents a 6.83 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Sinclair Price Performance

Shares of NASDAQ:SBGI opened at $16.96 on Friday. 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’s fifty day simple moving average is $14.82 and its two-hundred day simple moving average is $15.75. Sinclair, Inc. has a 1-year low of $11.13 and a 1-year high of $18.46. The stock has a market cap of $1.13 billion, a PE ratio of -5.14 and a beta of 1.50.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $2.61 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.62. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. As a group, analysts forecast 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. Investors of record on Monday, March 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.90%. The ex-dividend date is Monday, March 10th. Sinclair’s dividend payout ratio (DPR) is currently 21.46%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. StockNews.com downgraded shares of Sinclair from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Benchmark reaffirmed a “buy” rating and set a $30.00 price objective on shares of Sinclair in a research report on Tuesday, January 28th. Guggenheim reduced their price target 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. Finally, Wells Fargo & Company reduced their price target on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. 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, Sinclair currently has a consensus rating of “Hold” and a consensus target price of $19.30.

Institutional Investors Weigh In On Sinclair

Large investors have recently added to or reduced their stakes in the company. Carronade Capital Management LP grew its holdings in Sinclair by 418.1% during the 4th quarter. Carronade Capital Management LP now owns 440,419 shares of the company’s stock valued at $7,108,000 after buying an additional 355,419 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Sinclair during the third quarter worth about $2,110,000. Segall Bryant & Hamill LLC purchased a new position in shares of Sinclair during the third quarter worth about $1,605,000. Trexquant Investment LP bought a new stake in Sinclair in the 4th quarter worth approximately $1,688,000. Finally, Empyrean Capital Partners LP lifted its position in 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 buying an additional 84,493 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.