JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Sinclair (NASDAQ:SBGI) Stock

Sinclair (NASDAQ:SBGI - Free Report) had its price objective hoisted by JPMorgan Chase & Co. from $14.00 to $16.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other analysts have also weighed in on the company. Rosenblatt Securities increased their target price on Sinclair from $16.40 to $16.50 and gave the stock a "neutral" rating in a research note on Friday, September 20th. Wells Fargo & Company raised shares of Sinclair from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $13.00 to $19.00 in a research note on Thursday, November 7th. Benchmark upped their target price on shares of Sinclair from $29.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, September 23rd. Finally, StockNews.com upgraded Sinclair from a "sell" rating to a "hold" rating in a report on Saturday, September 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $20.38.

Sinclair Price Performance

NASDAQ:SBGI traded down $0.78 during trading hours on Tuesday, reaching $15.58. The stock had a trading volume of 375,698 shares, compared to its average volume of 414,348. The stock has a market capitalization of $1.03 billion, a PE ratio of -4.87, a PEG ratio of 0.13 and a beta of 1.53. Sinclair has a 52 week low of $11.13 and a 52 week high of $18.20. The company has a 50 day moving average price of $15.65 and a two-hundred day moving average price of $14.22. The company has a debt-to-equity ratio of 14.93, a quick ratio of 1.78 and a current ratio of 1.78.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.54. The company had revenue of $917.00 million for the quarter, compared to the consensus estimate of $923.02 million. Sinclair had a negative net margin of 6.14% and a positive return on equity of 69.78%. Sinclair's revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.30) earnings per share. As a group, sell-side analysts anticipate that Sinclair will post 4.57 earnings per share for the current fiscal year.

Sinclair Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.42%. Sinclair's dividend payout ratio is presently -30.30%.

Hedge Funds Weigh In On Sinclair

A number of large investors have recently added to or reduced their stakes in SBGI. Capital Management Corp VA boosted its position in shares of Sinclair by 36.7% in the 1st quarter. Capital Management Corp VA now owns 2,006,720 shares of the company's stock worth $27,031,000 after purchasing an additional 538,740 shares in the last quarter. Empyrean Capital Partners LP acquired a new stake in Sinclair in the 2nd quarter worth approximately $2,873,000. Inspire Advisors LLC purchased a new stake in Sinclair during the 2nd quarter worth approximately $1,552,000. Alden Global Capital LLC increased its stake in Sinclair by 10.5% during the 2nd quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company's stock valued at $16,341,000 after purchasing an additional 116,074 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new position in shares of Sinclair in the third quarter worth $1,605,000. 41.71% of the stock is currently owned by institutional investors.

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.