Sinclair (NASDAQ:SBGI) Shares Gap Down to $11.84

Sinclair, Inc. (NASDAQ:SBGI)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $11.84, but opened at $11.58. Sinclair shares last traded at $11.79, with a volume of 13,050 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SBGI. StockNews.com raised Sinclair from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Wells Fargo & Company increased their target price on shares of Sinclair from $12.00 to $13.00 and gave the company an “underweight” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.14.

Sinclair Stock Performance

The firm has a 50 day moving average price of $12.86 and a 200-day moving average price of $13.49. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 15.29.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.97. The business had revenue of $798.00 million for the quarter, compared to analyst estimates of $798.68 million. Sinclair had a negative net margin of 14.34% and a negative return on equity of 2.65%. As a group, analysts anticipate that Sinclair, Inc. will post 3.75 earnings per share for the current year.

Sinclair Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.40%. The ex-dividend date of this dividend was Monday, June 3rd. Sinclair’s dividend payout ratio is presently -14.04%.

Institutional Trading of Sinclair

A number of large investors have recently made changes to their positions in SBGI. Dimensional Fund Advisors LP increased its position in Sinclair by 4.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,889,863 shares of the company’s stock worth $24,626,000 after purchasing an additional 78,793 shares during the last quarter. Choreo LLC purchased a new stake in shares of Sinclair during the fourth quarter valued at approximately $2,982,000. AQR Capital Management LLC lifted its position in shares of Sinclair by 102.0% during the third quarter. AQR Capital Management LLC now owns 478,946 shares of the company’s stock worth $5,374,000 after purchasing an additional 241,895 shares in the last quarter. Alden Global Capital LLC lifted its position in shares of Sinclair by 86.1% during the fourth quarter. Alden Global Capital LLC now owns 645,400 shares of the company’s stock worth $8,410,000 after purchasing an additional 298,508 shares in the last quarter. Finally, NBC Securities Inc. boosted its stake in shares of Sinclair by 35.1% in the fourth quarter. NBC Securities Inc. now owns 3,845 shares of the company’s stock valued at $50,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

Sinclair Company 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.