Empyrean Capital Partners LP Purchases New Holdings in Sinclair, Inc. (NASDAQ:SBGI)

Empyrean Capital Partners LP acquired a new stake in Sinclair, Inc. (NASDAQ:SBGI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 215,511 shares of the company's stock, valued at approximately $2,873,000. Empyrean Capital Partners LP owned about 0.33% of Sinclair as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SBGI. Alden Global Capital LLC increased its stake in shares of Sinclair by 10.5% in the second 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 during the period. Gabelli Funds LLC increased its position in 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 acquiring an additional 20,700 shares during the period. Hsbc Holdings PLC raised its stake in Sinclair by 28.0% during the 2nd quarter. Hsbc Holdings PLC now owns 13,325 shares of the company's stock valued at $177,000 after acquiring an additional 2,918 shares in the last quarter. Williams Financial LLC bought a new stake in Sinclair during the 2nd quarter valued at $217,000. Finally, Inspire Advisors LLC acquired a new position in Sinclair during the 2nd quarter worth $1,552,000. 41.71% of the stock is currently owned by institutional investors.

Sinclair Price Performance

Sinclair stock traded up $0.11 during midday trading on Thursday, hitting $14.88. The company's stock had a trading volume of 390,467 shares, compared to its average volume of 424,929. Sinclair, Inc. has a 12 month low of $9.39 and a 12 month high of $17.58. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 14.93. The company has a market capitalization of $984.73 million, a PE ratio of -2.09, a price-to-earnings-growth ratio of 0.12 and a beta of 1.54. The stock's 50-day moving average price is $13.85 and its 200-day moving average price is $13.25.

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

Sinclair Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a $0.25 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.72%. Sinclair's dividend payout ratio (DPR) is -14.04%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Rosenblatt Securities lifted their price objective on shares of Sinclair from $16.40 to $16.50 and gave the company a "neutral" rating in a research note on Friday, September 20th. Benchmark raised their target price on shares of Sinclair from $29.00 to $30.00 and gave the company a "buy" rating in a research note on Monday. Finally, StockNews.com lowered shares of Sinclair from a "hold" rating to a "sell" rating in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $19.88.

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.