Sinclair (NASDAQ:SBGI) Stock Passes Above 200 Day Moving Average - Here's What Happened

Sinclair, Inc. (NASDAQ:SBGI - Get Free Report)'s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $13.92 and traded as high as $17.13. Sinclair shares last traded at $17.06, with a volume of 184,151 shares.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Benchmark raised their target price on Sinclair from $29.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, September 23rd. Rosenblatt Securities boosted their target price on shares of Sinclair from $16.40 to $16.50 and gave the stock a "neutral" rating in a research note 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 equities 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 MarketBeat, Sinclair currently has an average rating of "Hold" and a consensus price target of $19.88.

Sinclair Stock Performance

The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -3.12, a price-to-earnings-growth ratio of 0.14 and a beta of 1.55. The company has a debt-to-equity ratio of 14.93, a current ratio of 1.78 and a quick ratio of 1.78. The stock has a 50-day moving average of $15.10 and a 200 day moving average of $13.92.

Sinclair (NASDAQ:SBGI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.27 EPS for the quarter, topping the consensus estimate 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 company had revenue of $829.00 million during the quarter, compared to analysts' expectations of $836.65 million. During the same quarter in the previous year, the company earned ($1.09) EPS. Sinclair's revenue was up 7.9% on a year-over-year basis. On average, analysts expect that Sinclair, Inc. will post 4.57 EPS for the current year.

Sinclair Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, August 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.76%. Sinclair's dividend payout ratio (DPR) is presently -18.28%.

Hedge Funds Weigh In On Sinclair

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL raised its position in shares of Sinclair by 2.4% in the 1st quarter. Gamco Investors INC. ET AL now owns 3,591,266 shares of the company's stock valued at $48,374,000 after acquiring an additional 85,070 shares during the period. Capital Management Corp VA boosted its position in shares of Sinclair by 36.7% during the first 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. Alden Global Capital LLC grew its holdings in shares of Sinclair by 10.5% in the 2nd quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company's stock valued at $16,341,000 after buying an additional 116,074 shares during the period. Gabelli Funds LLC increased its position in shares of Sinclair by 1.7% in the 2nd quarter. Gabelli Funds LLC now owns 1,208,700 shares of the company's stock valued at $16,112,000 after buying an additional 20,700 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in Sinclair by 2.3% during the 3rd quarter. Pinnacle Associates Ltd. now owns 642,738 shares of the company's stock worth $9,834,000 after buying an additional 14,384 shares during the period. Institutional investors 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.