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

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

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

Sinclair Stock Performance

SBGI stock opened at $14.32 on Monday. The company has a market cap of $951.84 million, a P/E ratio of -4.34 and a beta of 1.50. 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 stock’s fifty day moving average price is $14.94 and its 200-day moving average price is $15.66. Sinclair has a 1 year low of $11.13 and a 1 year high of $18.45.

Sinclair (NASDAQ:SBGI) last released its earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.62. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $1.01 billion. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. On average, equities analysts forecast that Sinclair will post 4.24 earnings per share for the current year.

Sinclair Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, March 10th. This represents a $1.00 dividend on an annualized basis and a yield of 6.98%. Sinclair’s dividend payout ratio is presently 21.46%.

Insider Buying and Selling at Sinclair

In other news, Chairman David D. Smith bought 30,296 shares of Sinclair stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average cost of $14.09 per share, with a total value of $426,870.64. Following the completion of the acquisition, the chairman now owns 728,986 shares of the company’s stock, valued at $10,271,412.74. This trade represents a 4.34 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 135,837 shares of company stock valued at $1,902,144 over the last ninety days. 46.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sinclair

Several large investors have recently made changes to their positions in 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 worth $7,108,000 after purchasing an additional 355,419 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Sinclair during the third quarter worth approximately $2,110,000. Segall Bryant & Hamill LLC bought a new stake in Sinclair during the third quarter worth approximately $1,605,000. Trexquant Investment LP bought a new stake in Sinclair during the fourth quarter worth approximately $1,688,000. Finally, Empyrean Capital Partners LP increased its stake in Sinclair by 8.0% during the fourth quarter. Empyrean Capital Partners LP now owns 1,144,493 shares of the company’s stock worth $18,472,000 after acquiring an additional 84,493 shares during the last quarter. 41.71% of the stock is owned by institutional investors.

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.