Sinclair (NASDAQ:SBGI) Sets New 12-Month High - Here's Why

Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) reached a new 52-week high during trading on Friday . The stock traded as high as $17.69 and last traded at $17.67, with a volume of 340075 shares trading hands. The stock had previously closed at $16.66.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SBGI. Benchmark boosted their target price on Sinclair from $29.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, September 23rd. Rosenblatt Securities boosted their price objective on Sinclair from $16.40 to $16.50 and gave the stock a "neutral" rating in a report on Friday, September 20th. Finally, StockNews.com upgraded shares of Sinclair from a "sell" rating to a "hold" rating in a research report on Saturday, September 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $19.88.

Sinclair Stock Performance

The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 14.93. The stock has a 50 day moving average price of $14.05 and a two-hundred day moving average price of $13.51. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -3.15, a P/E/G ratio of 0.14 and a beta of 1.55.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.40. The firm had revenue of $829.00 million for the quarter, compared to analyst estimates of $836.65 million. Sinclair had a positive return on equity of 22.55% and a negative net margin of 10.78%. The company's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.09) earnings per share. Analysts predict that Sinclair, Inc. will post 4.57 EPS for the current year.

Sinclair Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.66%. The ex-dividend date was Friday, August 30th. Sinclair's payout ratio is presently -18.28%.

Hedge Funds Weigh In On Sinclair

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in Sinclair by 52.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 114,864 shares of the company's stock worth $1,549,000 after buying an additional 39,624 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Sinclair during the first quarter worth $1,359,000. Allspring Global Investments Holdings LLC lifted its position in Sinclair by 92.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,706 shares of the company's stock valued at $144,000 after acquiring an additional 5,147 shares in the last quarter. Empyrean Capital Partners LP acquired a new position in Sinclair in the 2nd quarter worth $2,873,000. Finally, Alden Global Capital LLC increased its holdings in Sinclair by 10.5% during the 2nd quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company's stock worth $16,341,000 after purchasing an additional 116,074 shares in the last quarter. 41.71% of the stock is owned by institutional investors.

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.

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