Benchmark Increases Sinclair (NASDAQ:SBGI) Price Target to $30.00

Sinclair (NASDAQ:SBGI - Free Report) had its target price lifted by Benchmark from $29.00 to $30.00 in a research report sent to investors on Monday, Benzinga reports. Benchmark currently has a buy rating on the stock.

SBGI has been the topic of several other reports. StockNews.com cut Sinclair from a hold rating to a sell rating in a research report on Friday. Rosenblatt Securities raised their price target on Sinclair from $16.40 to $16.50 and gave the company a neutral rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $19.88.

Sinclair Stock Performance

Shares of SBGI traded down $0.29 during midday trading on Monday, hitting $14.38. 387,954 shares of the stock traded hands, compared to its average volume of 425,921. The business's 50 day moving average price is $13.88 and its two-hundred day moving average price is $13.22. The firm has a market capitalization of $951.64 million, a PE ratio of -2.02, a price-to-earnings-growth ratio of 0.12 and a beta of 1.54. 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 has a 1-year low of $9.39 and a 1-year high of $17.58.

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

Sinclair Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.95%. The ex-dividend date was Friday, August 30th. Sinclair's dividend payout ratio (DPR) is presently -14.04%.

Institutional Investors Weigh In On Sinclair

Several hedge funds and other institutional investors have recently bought and sold shares of the business. EntryPoint Capital LLC grew its stake in shares of Sinclair by 37.2% in the 1st quarter. EntryPoint Capital LLC now owns 4,001 shares of the company's stock worth $54,000 after purchasing an additional 1,085 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Sinclair by 29.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,330 shares of the company's stock worth $111,000 after buying an additional 1,898 shares during the last quarter. Prospect Financial Services LLC increased its holdings in shares of Sinclair by 7.7% in the second quarter. Prospect Financial Services LLC now owns 28,000 shares of the company's stock valued at $373,000 after buying an additional 2,000 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Sinclair during the 2nd quarter valued at $28,000. Finally, Principal Financial Group Inc. lifted its position in shares of Sinclair by 14.0% during the 2nd quarter. Principal Financial Group Inc. now owns 23,248 shares of the company's stock valued at $310,000 after acquiring an additional 2,847 shares during the last quarter. 41.71% of the stock is currently 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.