Gabelli Funds LLC Decreases Stock Holdings in Sinclair, Inc. (NASDAQ:SBGI)

Gabelli Funds LLC reduced its holdings in Sinclair, Inc. (NASDAQ:SBGI) by 1.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,148,500 shares of the company’s stock after selling 14,700 shares during the period. Gabelli Funds LLC owned approximately 1.73% of Sinclair worth $18,537,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. XTX Topco Ltd purchased a new position in Sinclair in the fourth quarter worth about $406,000. Barclays PLC boosted its holdings in shares of Sinclair by 6.9% in the 4th quarter. Barclays PLC now owns 57,974 shares of the company’s stock worth $935,000 after purchasing an additional 3,745 shares during the period. Legal & General Group Plc increased its position in shares of Sinclair by 11.5% during the 4th quarter. Legal & General Group Plc now owns 36,766 shares of the company’s stock valued at $593,000 after purchasing an additional 3,800 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Sinclair during the 4th quarter valued at $47,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Sinclair in the fourth quarter worth $451,000. 41.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Chairman David D. Smith bought 63,073 shares of Sinclair stock in a transaction that occurred on Wednesday, April 9th. The stock was bought at an average price of $12.91 per share, for a total transaction of $814,272.43. Following the purchase, the chairman now directly owns 1,526,029 shares of the company’s stock, valued at approximately $19,701,034.39. The trade was a 4.31 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have bought 458,530 shares of company stock valued at $6,636,392. 46.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company cut their price objective 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. StockNews.com lowered shares of Sinclair from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of Sinclair in a research note on Tuesday, January 28th. Finally, Guggenheim cut their target price 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.30.

Sinclair Stock Down 0.1 %

Shares of NASDAQ SBGI opened at $14.38 on Wednesday. Sinclair, Inc. has a 52-week low of $11.13 and a 52-week high of $18.46. The firm has a market capitalization of $955.82 million, a price-to-earnings ratio of -4.36 and a beta of 1.29. The stock has a 50 day moving average price of $14.81 and a 200 day moving average price of $15.86. The company has a debt-to-equity ratio of 11.73, a quick ratio of 1.91 and a current ratio of 1.91.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share for the quarter, topping the consensus estimate 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%. Sell-side analysts expect that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 10th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.95%. The ex-dividend date of this dividend was Monday, March 10th. Sinclair’s 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.