Sinclair (NASDAQ:SBGI) Shares Down 6.7% – Here’s What Happened

Sinclair, Inc. (NASDAQ:SBGI) shares traded down 6.7% on Thursday . The stock traded as low as $15.85 and last traded at $15.65. 187,826 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 302,074 shares. The stock had previously closed at $16.77.

Wall Street Analysts Forecast Growth

SBGI has been the topic of a number of research reports. Benchmark reaffirmed a “buy” rating and set a $30.00 target price on shares of Sinclair in a research report on Tuesday, January 28th. StockNews.com lowered shares of Sinclair from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Wells Fargo & Company reduced their target price on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Finally, Guggenheim lowered their price target on Sinclair from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.30.

Sinclair Stock Down 0.3 %

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 business’s fifty day moving average price is $14.92 and its 200 day moving average price is $15.83. The company has a market capitalization of $1.04 billion, a P/E ratio of -4.74 and a beta of 1.50.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.62. The firm 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%. As a group, equities 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 disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 10th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, March 10th. This represents a $1.00 annualized dividend and a yield of 6.40%. Sinclair’s dividend payout ratio is currently 21.46%.

Insider Activity

In other news, Chairman David D. Smith bought 38,410 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $14.01 per share, for a total transaction of $538,124.10. Following the completion of the purchase, the chairman now owns 645,564 shares of the company’s stock, valued at approximately $9,044,351.64. The trade was a 6.33 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have bought 262,541 shares of company stock worth $3,844,778. Corporate insiders own 46.60% of the company’s stock.

Hedge Funds Weigh In On Sinclair

Several institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Sinclair by 26.9% in the fourth quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock worth $47,000 after acquiring an additional 613 shares during the last quarter. Federated Hermes Inc. acquired a new position in Sinclair during the 4th quarter worth $47,000. Point72 DIFC Ltd bought a new position in Sinclair in the 3rd quarter valued at $91,000. New York State Common Retirement Fund increased its stake in shares of Sinclair by 29.4% in the 4th quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock valued at $121,000 after buying an additional 1,700 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Sinclair during the fourth quarter worth $123,000. Institutional investors own 41.71% of the company’s stock.

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.