JPMorgan Chase & Co. Issues Positive Forecast for Sinclair (NASDAQ:SBGI) Stock Price

Sinclair (NASDAQ:SBGI) had its price objective increased by JPMorgan Chase & Co. from $14.00 to $16.00 in a report released on Tuesday,Benzinga reports. They currently have an underweight rating on the stock.

Several other brokerages have also recently commented on SBGI. StockNews.com raised shares of Sinclair from a “sell” rating to a “hold” rating in a research report on Saturday, September 28th. Rosenblatt Securities increased their price objective on shares of Sinclair from $16.40 to $16.50 and gave the company a “neutral” rating in a research report on Friday, September 20th. Benchmark lifted their price target on Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Finally, Wells Fargo & Company raised shares of Sinclair from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $13.00 to $19.00 in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.38.

Sinclair Trading Up 2.2 %

Shares of SBGI stock opened at $16.37 on Tuesday. Sinclair has a 12-month low of $11.13 and a 12-month high of $18.20. The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.78. The firm has a fifty day moving average of $15.74 and a 200-day moving average of $14.25.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.54. The business had revenue of $917.00 million for the quarter, compared to analyst estimates of $923.02 million. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The firm’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the business posted ($0.30) earnings per share. Sell-side analysts predict that Sinclair will post 4.57 EPS for the current fiscal year.

Sinclair Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.11%. The ex-dividend date is Monday, December 2nd. Sinclair’s dividend payout ratio is currently -30.30%.

Institutional Trading of Sinclair

Institutional investors have recently modified their holdings of the business. Gamco Investors INC. ET AL raised its holdings in Sinclair by 2.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 3,591,266 shares of the company’s stock worth $48,374,000 after purchasing an additional 85,070 shares during the last quarter. Capital Management Corp VA boosted its holdings in shares of Sinclair by 36.7% during the 1st quarter. Capital Management Corp VA now owns 2,006,720 shares of the company’s stock worth $27,031,000 after buying an additional 538,740 shares in the last quarter. Alden Global Capital LLC increased its stake in shares of Sinclair by 10.5% in the 2nd quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company’s stock valued at $16,341,000 after acquiring an additional 116,074 shares in the last quarter. Gabelli Funds LLC boosted its stake in Sinclair by 1.7% during the second quarter. Gabelli Funds LLC now owns 1,208,700 shares of the company’s stock worth $16,112,000 after acquiring an additional 20,700 shares in the last quarter. Finally, Pinnacle Associates Ltd. grew its holdings in Sinclair by 2.3% in the third quarter. Pinnacle Associates Ltd. now owns 642,738 shares of the company’s stock worth $9,834,000 after purchasing an additional 14,384 shares during the period. 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.