Sinclair (NASDAQ:SBGI) Shares Gap Up Following Insider Buying Activity

Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $16.53, but opened at $16.96. Sinclair shares last traded at $16.60, with a volume of 47,879 shares traded.

Specifically, Chairman David D. Smith purchased 17,902 shares of the stock in a transaction on Monday, March 24th. The shares were purchased at an average price of $16.45 per share, with a total value of $294,487.90. Following the acquisition, the chairman now directly owns 1,082,771 shares of the company's stock, valued at $17,811,582.95. This represents a 1.68 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman David D. Smith acquired 4,616 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $16.44 per share, with a total value of $75,887.04. Following the purchase, the chairman now owns 972,205 shares in the company, valued at approximately $15,983,050.20. This represents a 0.48 % increase in their position. The disclosure for this purchase can be found here. In other Sinclair news, Chairman David D. Smith bought 61,591 shares of the firm's stock in a transaction dated Tuesday, March 18th. The shares were acquired at an average cost of $15.79 per share, for a total transaction of $972,521.89. Following the transaction, the chairman now owns 962,951 shares in the company, valued at approximately $15,204,996.29. The trade was a 6.83 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

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Wall Street Analysts Forecast Growth

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

Sinclair Stock Performance

The stock has a 50-day moving average of $14.92 and a 200 day moving average of $15.83. The firm has a market capitalization of $1.04 billion, a P/E ratio of -4.74 and a beta of 1.50. The company has a debt-to-equity ratio of 11.73, a quick ratio of 1.91 and a current ratio of 1.91.

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

Sinclair Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 10th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.40%. Sinclair's payout ratio is 21.46%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Sinclair by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 3,714,036 shares of the company's stock worth $59,945,000 after acquiring an additional 64,683 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in Sinclair by 1.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 3,704,282 shares of the company's stock worth $59,787,000 after purchasing an additional 55,350 shares during the last quarter. Empyrean Capital Partners LP lifted its position in Sinclair by 8.0% during 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. Geode Capital Management LLC boosted its stake in shares of Sinclair by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 826,949 shares of the company's stock valued at $12,655,000 after purchasing an additional 15,263 shares during the last quarter. Finally, Bridgeway Capital Management LLC grew its position in shares of Sinclair by 2.3% during the 4th quarter. Bridgeway Capital Management LLC now owns 528,719 shares of the company's stock worth $8,534,000 after buying an additional 11,883 shares during the period. Institutional investors and hedge funds 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.