David D. Smith Buys 61,591 Shares of Sinclair, Inc. (NASDAQ:SBGI) Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith acquired 61,591 shares of Sinclair stock in a transaction that occurred on Tuesday, March 18th. The shares were purchased at an average price of $15.79 per share, for a total transaction of $972,521.89. Following the transaction, the chairman now directly owns 962,951 shares in the company, valued at $15,204,996.29. The trade was a 6.83 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Sinclair Stock Performance

SBGI stock opened at $16.96 on Friday. The firm has a market cap of $1.13 billion, a PE ratio of -5.14 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. The business has a 50 day moving average of $14.82 and a 200-day moving average of $15.73. Sinclair, Inc. has a 12-month low of $11.13 and a 12-month high of $18.46.

Sinclair (NASDAQ:SBGI) last announced 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 during the quarter, compared to analyst estimates of $1.01 billion. As a group, sell-side analysts expect that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.00 annualized dividend and a dividend yield of 5.90%. Sinclair’s dividend payout ratio is currently 21.46%.

Institutional Investors Weigh In On Sinclair

Several institutional investors have recently made changes to their positions in SBGI. Carronade Capital Management LP increased 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 purchasing an additional 355,419 shares during the period. Point72 Asset Management L.P. purchased a new position in Sinclair during the 3rd quarter valued at about $2,110,000. Segall Bryant & Hamill LLC purchased a new position in Sinclair during the 3rd quarter valued at about $1,605,000. Trexquant Investment LP purchased a new position in Sinclair during the 4th quarter valued at about $1,688,000. Finally, Empyrean Capital Partners LP increased its holdings in Sinclair by 8.0% during the 4th quarter. Empyrean Capital Partners LP now owns 1,144,493 shares of the company’s stock valued at $18,472,000 after purchasing an additional 84,493 shares during the period. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SBGI shares. Guggenheim cut their target price on Sinclair from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Wells Fargo & Company cut their target price on Sinclair from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. StockNews.com downgraded Sinclair from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Finally, Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of Sinclair in a research note on Tuesday, January 28th. One investment 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 data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target 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.