Sinclair (NASDAQ:SBGI) Stock Price Down 6.7% - Here's What Happened

Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) dropped 6.7% during mid-day trading on Thursday . The stock traded as low as $15.85 and last traded at $15.65. Approximately 187,826 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 302,074 shares. The stock had previously closed at $16.77.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Benchmark restated a "buy" rating and set a $30.00 price objective on shares of Sinclair in a research report on Tuesday, January 28th. StockNews.com lowered shares of Sinclair from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Guggenheim dropped their price objective on shares of Sinclair from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Finally, Wells Fargo & Company decreased their target price on shares of Sinclair from $19.00 to $17.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Sinclair has a consensus rating of "Hold" and a consensus price target of $19.30.

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Sinclair Stock Up 1.9 %

The stock has a market cap of $1.06 billion, a P/E ratio of -4.83 and a beta of 1.50. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 11.73. The stock's 50-day moving average is $14.92 and its 200-day moving average is $15.88.

Sinclair (NASDAQ:SBGI - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.62. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $1.01 billion. As a group, research analysts anticipate that Sinclair, Inc. will post 4.24 earnings per share for the current fiscal year.

Sinclair Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.28%. The ex-dividend date of this dividend was Monday, March 10th. Sinclair's dividend payout ratio is presently 21.46%.

Insider Activity

In other Sinclair news, Chairman David D. Smith purchased 4,616 shares of the company's stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $16.44 per share, for a total transaction of $75,887.04. Following the completion of the transaction, the chairman now owns 972,205 shares in the company, valued at $15,983,050.20. The trade was a 0.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought a total of 262,541 shares of company stock worth $3,844,778 over the last 90 days. 46.60% of the stock is currently owned by company insiders.

Institutional Trading of Sinclair

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Sinclair by 19.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 86,580 shares of the company's stock valued at $1,397,000 after buying an additional 14,344 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Sinclair by 52.9% during the fourth quarter. Point72 Asset Management L.P. now owns 210,939 shares of the company's stock worth $3,405,000 after purchasing an additional 73,006 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Sinclair by 4.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,302 shares of the company's stock valued at $295,000 after purchasing an additional 760 shares during the last quarter. Empyrean Capital Partners LP boosted its position in shares of Sinclair by 8.0% in the 4th quarter. Empyrean Capital Partners LP now owns 1,144,493 shares of the company's stock valued at $18,472,000 after purchasing an additional 84,493 shares during the period. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Sinclair in the 4th quarter valued at $395,000. 41.71% of the stock is owned by institutional investors and hedge funds.

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.