Bank of New York Mellon Corp Has $5.95 Million Position in Sinclair, Inc. (NASDAQ:SBGI)

Bank of New York Mellon Corp reduced its stake in shares of Sinclair, Inc. (NASDAQ:SBGI - Free Report) by 9.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 368,587 shares of the company's stock after selling 36,845 shares during the period. Bank of New York Mellon Corp owned approximately 0.55% of Sinclair worth $5,949,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of Sinclair by 1.9% during the third quarter. Geode Capital Management LLC now owns 826,949 shares of the company's stock worth $12,655,000 after acquiring an additional 15,263 shares during the period. Empowered Funds LLC raised its stake in shares of Sinclair by 5.1% in the 4th quarter. Empowered Funds LLC now owns 243,973 shares of the company's stock valued at $3,938,000 after purchasing an additional 11,883 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Sinclair in the 3rd quarter valued at about $2,110,000. Segall Bryant & Hamill LLC bought a new stake in shares of Sinclair in the third quarter valued at about $1,605,000. Finally, Rhumbline Advisers boosted its position in shares of Sinclair by 56.3% during the fourth quarter. Rhumbline Advisers now owns 86,072 shares of the company's stock worth $1,389,000 after buying an additional 31,015 shares during the period. Institutional investors own 41.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SBGI. Wells Fargo & Company dropped 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. StockNews.com lowered shares of Sinclair from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Guggenheim decreased their target price on shares of Sinclair from $19.00 to $17.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Finally, Benchmark reiterated a "buy" rating and issued a $30.00 price target on shares of Sinclair in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $19.30.

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Sinclair Stock Up 2.1 %

Shares of NASDAQ:SBGI traded up $0.35 during midday trading on Thursday, hitting $16.76. The stock had a trading volume of 313,039 shares, compared to its average volume of 338,672. The company has a market cap of $1.11 billion, a P/E ratio of -5.09 and a beta of 1.50. Sinclair, Inc. has a 12 month low of $11.13 and a 12 month high of $18.46. The business's 50-day simple moving average is $14.79 and its 200-day simple moving average is $15.70. 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 - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $2.61 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.62. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $1.01 billion. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. On average, sell-side analysts forecast that Sinclair, Inc. will post 4.24 earnings per share for the current fiscal year.

Sinclair Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be paid a $0.25 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.00 annualized dividend and a yield of 5.97%. Sinclair's dividend payout ratio is 21.46%.

Insider Transactions at Sinclair

In related news, Chairman David D. Smith acquired 67,131 shares of the company's stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $13.96 per share, with a total value of $937,148.76. Following the completion of the transaction, the chairman now directly owns 818,869 shares of the company's stock, valued at $11,431,411.24. This trade represents a 8.93 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders acquired 240,023 shares of company stock worth $3,474,403. 46.60% of the stock is owned by company insiders.

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.