Sinclair (NASDAQ:SBGI) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Sinclair (NASDAQ:SBGI) from a strong sell rating to a hold rating in a research report released on Tuesday morning,Zacks reports.

SBGI has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their price target on Sinclair from $14.00 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, August 21st. Wall Street Zen downgraded Sinclair from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised shares of Sinclair from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $19.40.

Sinclair Price Performance

NASDAQ:SBGI opened at $13.55 on Tuesday. The firm’s fifty day moving average is $14.16 and its two-hundred day moving average is $14.25. The firm has a market cap of $979.94 million, a price-to-earnings ratio of 18.07 and a beta of 1.05. The company has a debt-to-equity ratio of 13.28, a quick ratio of 1.94 and a current ratio of 1.94. Sinclair has a one year low of $12.46 and a one year high of $17.88.

Sinclair (NASDAQ:SBGI) last posted its earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.82). Sinclair had a net margin of 1.60% and a negative return on equity of 16.09%. The firm had revenue of $840.00 million during the quarter, compared to analyst estimates of $838.99 million. During the same quarter in the prior year, the firm earned ($0.91) earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. Research analysts expect that Sinclair will post 1.01 EPS for the current year.

Sinclair Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.4%. Sinclair’s dividend payout ratio is currently 133.33%.

Insider Transactions at Sinclair

In other Sinclair news, Director Daniel Keith sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $15.02, for a total transaction of $255,340.00. Following the completion of the transaction, the director owned 25,122 shares in the company, valued at $377,332.44. The trade was a 40.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David Gibber sold 29,246 shares of Sinclair stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $13.74, for a total value of $401,840.04. Following the sale, the executive vice president directly owned 184,244 shares of the company’s stock, valued at $2,531,512.56. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 42.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sinclair

Several institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sinclair by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,082 shares of the company’s stock valued at $304,000 after acquiring an additional 780 shares during the period. Royal Bank of Canada raised its position in shares of Sinclair by 5.4% in the fourth quarter. Royal Bank of Canada now owns 17,001 shares of the company’s stock valued at $261,000 after buying an additional 869 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. lifted its stake in shares of Sinclair by 3.6% during the 1st quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 29,000 shares of the company’s stock worth $375,000 after purchasing an additional 1,000 shares during the period. Geneos Wealth Management Inc. boosted its stake in Sinclair by 142.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock worth $25,000 after buying an additional 1,065 shares during the last quarter. Finally, Waverly Advisors LLC grew its holdings in Sinclair by 9.7% in the second quarter. Waverly Advisors LLC now owns 13,346 shares of the company’s stock valued at $190,000 after purchasing an additional 1,181 shares during the period. 41.71% of the stock is owned by institutional investors and hedge funds.

Sinclair Company Profile

Sinclair Broadcast Group, Inc (NASDAQ: SBGI) is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.