Sinclair (NASDAQ:SBGI) Given New $17.00 Price Target at Guggenheim

Sinclair (NASDAQ:SBGI - Free Report) had its target price trimmed by Guggenheim from $19.00 to $17.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently weighed in on SBGI. JPMorgan Chase & Co. upped their price target on Sinclair from $14.00 to $16.00 and gave the stock an "underweight" rating in a report on Tuesday, November 12th. Benchmark reaffirmed a "buy" rating and issued a $30.00 price target on shares of Sinclair in a report on Tuesday, January 28th. Wells Fargo & Company reduced their price target on Sinclair from $19.00 to $17.00 and set an "equal weight" rating for the company in a report on Thursday, February 27th. Finally, StockNews.com cut Sinclair from a "buy" rating to a "hold" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $19.30.

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Sinclair Stock Performance

Shares of SBGI traded down $0.60 during mid-day trading on Monday, reaching $13.80. The company had a trading volume of 703,123 shares, compared to its average volume of 251,681. Sinclair has a 52-week low of $11.13 and a 52-week high of $18.45. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73. The stock has a market capitalization of $916.61 million, a P/E ratio of -4.18 and a beta of 1.50. The stock has a 50 day moving average of $15.01 and a two-hundred day moving average of $15.67.

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

Sinclair Dividend Announcement

The company also recently announced 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 dividend yield of 7.25%. Sinclair's payout ratio is currently 21.46%.

Insider Buying and Selling at Sinclair

In related news, Chairman David D. Smith purchased 38,410 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $14.01 per share, with a total value of $538,124.10. Following the completion of the acquisition, the chairman now owns 645,564 shares in the company, valued at $9,044,351.64. This trade represents a 6.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 46.60% of the company's stock.

Institutional Investors Weigh In On Sinclair

Several hedge funds and other institutional investors have recently made changes to their positions in SBGI. Empowered Funds LLC increased its holdings in shares of Sinclair by 5.4% in the third quarter. Empowered Funds LLC now owns 232,090 shares of the company's stock valued at $3,551,000 after purchasing an additional 11,792 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new position in Sinclair in the third quarter worth approximately $1,605,000. Quantbot Technologies LP grew its position in Sinclair by 103.2% in the third quarter. Quantbot Technologies LP now owns 26,365 shares of the company's stock worth $403,000 after acquiring an additional 13,390 shares during the period. Verition Fund Management LLC purchased a new position in Sinclair in the third quarter worth approximately $822,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Sinclair in the third quarter worth approximately $121,000. Institutional investors and hedge funds own 41.71% of the company's stock.

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.