Guggenheim Cuts Sinclair (NASDAQ:SBGI) Price Target to $17.00

Sinclair (NASDAQ:SBGI) had its price objective decreased by Guggenheim from $19.00 to $17.00 in a research note issued to investors on Monday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

SBGI has been the subject of several other reports. StockNews.com cut Sinclair from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Wells Fargo & Company reduced their price target on Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, February 27th. JPMorgan Chase & Co. lifted their price target on Sinclair from $14.00 to $16.00 and gave the company an “underweight” rating in a research report on Tuesday, November 12th. Finally, Benchmark reiterated a “buy” rating and issued a $30.00 price target on shares of Sinclair in a research report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Sinclair presently has a consensus rating of “Hold” and a consensus target price of $19.30.

Sinclair Stock Performance

NASDAQ:SBGI opened at $14.32 on Monday. The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91. The business has a fifty day simple moving average of $14.94 and a two-hundred day simple moving average of $15.66. Sinclair has a 1 year low of $11.13 and a 1 year high of $18.45. The company has a market capitalization of $951.84 million, a P/E ratio of -4.34 and a beta of 1.50.

Sinclair (NASDAQ:SBGI) last released its earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.01 billion. On average, analysts expect that Sinclair will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors 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 6.98%. The ex-dividend date of this dividend is Monday, March 10th. Sinclair’s dividend payout ratio is 21.46%.

Insider Activity at Sinclair

In other Sinclair news, Chairman David D. Smith acquired 67,131 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $13.96 per share, with a total value of $937,148.76. Following the completion of the purchase, the chairman now owns 818,869 shares of the company’s stock, valued at approximately $11,431,411.24. This represents a 8.93 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders acquired 135,837 shares of company stock valued at $1,902,144. Company insiders own 46.60% of the company’s stock.

Institutional Investors Weigh In On Sinclair

Several large investors have recently added to or reduced their stakes in SBGI. GAMMA Investing LLC lifted its stake in Sinclair by 26.9% during the fourth quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock worth $47,000 after purchasing an additional 613 shares during the last quarter. Federated Hermes Inc. bought a new stake in shares of Sinclair in the 4th quarter valued at about $47,000. Point72 DIFC Ltd purchased a new position in Sinclair during the 3rd quarter valued at about $91,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Sinclair during the 3rd quarter valued at about $121,000. Finally, New York State Common Retirement Fund increased its holdings in Sinclair by 29.4% during the 4th quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock valued at $121,000 after purchasing an additional 1,700 shares during the period. Institutional investors own 41.71% of the company’s stock.

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.