Insider Buying: Sinclair, Inc. (NASDAQ:SBGI) Chairman Purchases $937,148.76 in Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith bought 67,131 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was purchased 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 in the company, valued at approximately $11,431,411.24. This trade represents a 8.93 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Sinclair Price Performance

Shares of Sinclair stock opened at $14.85 on Friday. 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 50 day simple moving average of $14.84 and a two-hundred day simple moving average of $15.65. The stock has a market capitalization of $987.06 million, a P/E ratio of -4.50 and a beta of 1.50. 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 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 company had revenue of $1 billion for the quarter, compared to analyst estimates of $1.01 billion. As a group, analysts predict that Sinclair, Inc. will post 4.24 EPS for the current fiscal year.

Sinclair Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be issued a $0.25 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.00 dividend on an annualized basis and a yield of 6.73%. Sinclair’s payout ratio is 21.46%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SBGI. Carronade Capital Management LP increased its holdings in shares of Sinclair by 418.1% in the fourth 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 last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Sinclair in the 3rd quarter worth $2,110,000. Segall Bryant & Hamill LLC purchased a new position in shares of Sinclair during the 3rd quarter worth $1,605,000. Trexquant Investment LP acquired a new position in shares of Sinclair during the 4th quarter valued at about $1,688,000. Finally, Empyrean Capital Partners LP grew its holdings in shares of Sinclair by 8.0% in the fourth 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. 41.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SBGI has been the subject of a number of analyst reports. Benchmark reiterated a “buy” rating and issued a $30.00 price objective on shares of Sinclair in a research report on Tuesday, January 28th. 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 report on Thursday, February 27th. Guggenheim dropped their price objective on Sinclair from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Finally, StockNews.com downgraded Sinclair from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. 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. Based on data from MarketBeat.com, Sinclair has a consensus rating of “Hold” and an average target price of $19.30.

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.