Wells Fargo & Company Lowers Sinclair (NASDAQ:SBGI) Price Target to $17.00

Sinclair (NASDAQ:SBGI) had its price objective trimmed by Wells Fargo & Company from $19.00 to $17.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts have also recently issued reports on SBGI. Guggenheim upped their target price on Sinclair from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. StockNews.com raised Sinclair from a “hold” rating to a “buy” rating in a research report on Wednesday. Benchmark reissued a “buy” rating and issued a $30.00 target price on shares of Sinclair in a research report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. upped their target price on Sinclair from $14.00 to $16.00 and gave the company an “underweight” rating in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Sinclair currently has an average rating of “Hold” and a consensus price target of $19.70.

Sinclair Trading Down 4.0 %

NASDAQ:SBGI opened at $13.87 on Thursday. The stock has a 50-day simple moving average of $15.25 and a 200-day simple moving average of $15.57. The stock has a market cap of $921.26 million, a P/E ratio of -4.20 and a beta of 1.55. Sinclair has a 1 year low of $11.13 and a 1 year high of $18.45. 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 earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) for the quarter, beating 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 positive return on equity of 63.89% and a negative net margin of 6.14%. As a group, analysts anticipate that Sinclair will post 4.24 earnings per share for the current fiscal year.

Sinclair Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 7.21%. The ex-dividend date of this dividend is Monday, March 10th. Sinclair’s dividend payout ratio is presently -30.30%.

Institutional Trading of Sinclair

Several institutional investors and hedge funds have recently added to or reduced their stakes in SBGI. Pinnacle Associates Ltd. raised its stake in Sinclair by 2.3% during the 3rd quarter. Pinnacle Associates Ltd. now owns 642,738 shares of the company’s stock valued at $9,834,000 after acquiring an additional 14,384 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of Sinclair during the 3rd quarter worth approximately $39,000. Empowered Funds LLC raised its stake in shares of Sinclair by 5.4% during the 3rd quarter. Empowered Funds LLC now owns 232,090 shares of the company’s stock worth $3,551,000 after buying an additional 11,792 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new position in shares of Sinclair during the 3rd quarter worth approximately $1,605,000. Finally, Quantbot Technologies LP raised its stake in shares of Sinclair by 103.2% during the 3rd quarter. Quantbot Technologies LP now owns 26,365 shares of the company’s stock worth $403,000 after buying an additional 13,390 shares in the last quarter. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.