David D. Smith Buys 61,591 Shares of Sinclair, Inc. (NASDAQ:SBGI) Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith purchased 61,591 shares of the firm’s stock in a transaction on Tuesday, March 18th. The stock was bought at an average price of $15.79 per share, with a total value of $972,521.89. Following the completion of the purchase, the chairman now owns 962,951 shares of the company’s stock, valued at approximately $15,204,996.29. This represents a 6.83 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Sinclair Stock Performance

SBGI opened at $16.96 on Friday. Sinclair, Inc. has a 12-month low of $11.13 and a 12-month high of $18.46. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -5.14 and a beta of 1.50. The business has a 50 day moving average of $14.82 and a 200-day moving average of $15.73. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73.

Sinclair (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $1.01 billion. On average, equities research analysts expect that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors 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 annualized dividend and a yield of 5.90%. Sinclair’s payout ratio is currently 21.46%.

Hedge Funds Weigh In On Sinclair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SBGI. Segall Bryant & Hamill LLC bought a new position in shares of Sinclair in the 3rd quarter valued at $1,605,000. Quantbot Technologies LP increased its stake in shares of Sinclair by 103.2% in the 3rd quarter. Quantbot Technologies LP now owns 26,365 shares of the company’s stock valued at $403,000 after purchasing an additional 13,390 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of Sinclair in the 3rd quarter valued at $822,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Sinclair in the 3rd quarter valued at $121,000. Finally, HighTower Advisors LLC increased its stake in shares of Sinclair by 15.4% in the 3rd quarter. HighTower Advisors LLC now owns 28,463 shares of the company’s stock valued at $433,000 after purchasing an additional 3,801 shares during the last quarter. 41.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Guggenheim decreased their price target on Sinclair from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Wells Fargo & Company decreased their price target on Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Benchmark restated a “buy” rating and issued a $30.00 price target on shares of Sinclair in a research note on Tuesday, January 28th. Finally, StockNews.com downgraded Sinclair from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $19.30.

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.