Guggenheim Cuts Sinclair (NASDAQ:SBGI) Price Target to $19.00

Sinclair (NASDAQ:SBGI) had its price target decreased by equities research analysts at Guggenheim from $20.00 to $19.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target would suggest a potential upside of 29.26% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on SBGI. Wells Fargo & Company decreased their price objective on shares of Sinclair from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft set a $17.00 price target on Sinclair in a research note on Wednesday, April 15th. Wall Street Zen raised Sinclair from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. Weiss Ratings lowered Sinclair from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Finally, Benchmark lifted their price objective on Sinclair from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Sinclair presently has a consensus rating of “Hold” and an average price target of $19.20.

Sinclair Trading Down 0.3%

SBGI opened at $14.70 on Tuesday. The firm’s 50 day moving average is $14.58 and its 200-day moving average is $14.82. Sinclair has a 52-week low of $11.89 and a 52-week high of $17.88. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 11.78. The firm has a market capitalization of $1.05 billion, a P/E ratio of 16.25 and a beta of 1.09.

Sinclair (NASDAQ:SBGI) last announced its earnings results on Thursday, April 30th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.96. The business had revenue of $807.00 million during the quarter, compared to the consensus estimate of $792.63 million. Sinclair had a net margin of 2.00% and a negative return on equity of 13.42%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($2.30) earnings per share. Analysts expect that Sinclair will post 1.1 EPS for the current fiscal year.

Insider Activity

In related news, COO Robert Weisbord sold 10,000 shares of Sinclair stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $15.70, for a total value of $157,000.00. Following the completion of the transaction, the chief operating officer directly owned 284,525 shares in the company, valued at approximately $4,467,042.50. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel C. Keith sold 22,613 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $13.10, for a total value of $296,230.30. Following the completion of the sale, the director directly owned 25,027 shares of the company’s stock, valued at approximately $327,853.70. This represents a 47.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 55,672 shares of company stock worth $758,498 in the last ninety days. Corporate insiders own 46.60% of the company’s stock.

Institutional Investors Weigh In On Sinclair

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. lifted its stake in Sinclair by 142.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock worth $25,000 after purchasing an additional 1,065 shares during the last quarter. Hilton Head Capital Partners LLC acquired a new stake in shares of Sinclair during the fourth quarter worth $32,000. Tower Research Capital LLC TRC raised its holdings in shares of Sinclair by 175.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company’s stock worth $41,000 after purchasing an additional 1,882 shares during the period. Aquatic Capital Management LLC bought a new position in shares of Sinclair in the 3rd quarter worth about $48,000. Finally, Raymond James Financial Inc. bought a new position in shares of Sinclair in the 2nd quarter worth about $54,000. 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.