Point72 Asset Management L.P. Grows Stake in Sinclair, Inc. (NASDAQ:SBGI)

Point72 Asset Management L.P. lifted its stake in shares of Sinclair, Inc. (NASDAQ:SBGI) by 52.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 210,939 shares of the company’s stock after purchasing an additional 73,006 shares during the period. Point72 Asset Management L.P. owned about 0.32% of Sinclair worth $3,405,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in Sinclair by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 3,714,036 shares of the company’s stock worth $59,945,000 after acquiring an additional 64,683 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in Sinclair by 1.5% during the fourth quarter. Gamco Investors INC. ET AL now owns 3,704,282 shares of the company’s stock worth $59,787,000 after acquiring an additional 55,350 shares during the last quarter. Empyrean Capital Partners LP boosted its position 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. Bridgeway Capital Management LLC boosted its position in Sinclair by 2.3% during the fourth quarter. Bridgeway Capital Management LLC now owns 528,719 shares of the company’s stock worth $8,534,000 after acquiring an additional 11,883 shares during the last quarter. Finally, Carronade Capital Management LP boosted its position in Sinclair by 418.1% during the fourth quarter. Carronade Capital Management LP now owns 440,419 shares of the company’s stock worth $7,108,000 after acquiring an additional 355,419 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Insider Buying and Selling

In other Sinclair news, Chairman David D. Smith bought 38,410 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average cost of $14.01 per share, with a total value of $538,124.10. Following the purchase, the chairman now directly owns 645,564 shares in the company, valued at approximately $9,044,351.64. This represents a 6.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 458,530 shares of company stock valued at $6,636,392 in the last ninety days. Company insiders own 41.90% of the company’s stock.

Sinclair Stock Performance

Shares of SBGI stock opened at $14.71 on Wednesday. The firm’s 50 day moving average price is $15.00 and its 200-day moving average price is $15.53. The company has a debt-to-equity ratio of 11.73, a quick ratio of 1.91 and a current ratio of 1.91. Sinclair, Inc. has a one year low of $11.13 and a one year high of $18.46. The firm has a market cap of $977.76 million, a P/E ratio of -4.46 and a beta of 1.36.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($2.18) EPS for the quarter, missing the consensus estimate of ($1.78) by ($0.40). Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The company had revenue of $776.00 million during the quarter, compared to analyst estimates of $774.79 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. The business’s revenue was down 2.8% compared to the same quarter last year. As a group, equities research analysts predict that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.80%. The ex-dividend date is Friday, May 30th. Sinclair’s payout ratio is currently 49.75%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Guggenheim restated a “buy” rating on shares of Sinclair in a research report on Thursday, May 15th. StockNews.com lowered shares of Sinclair from a “hold” rating to a “sell” rating in a report on Monday, May 12th. Wells Fargo & Company decreased their target price on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Finally, Benchmark decreased their target price on shares of Sinclair from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.10.

Sinclair 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.