Sinclair (NASDAQ:SBGI) Trading Down 4.7% - Here's What Happened

Shares of Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) traded down 4.7% on Wednesday . The company traded as low as $14.16 and last traded at $14.23. 154,062 shares were traded during mid-day trading, a decline of 25% from the average session volume of 204,287 shares. The stock had previously closed at $14.92.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Benchmark reiterated a "buy" rating and set a $30.00 target price on shares of Sinclair in a report on Tuesday, January 28th. Wells Fargo & Company upgraded Sinclair from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $13.00 to $19.00 in a research note on Thursday, November 7th. Guggenheim boosted their target price on Sinclair from $18.00 to $19.00 and gave the stock a "buy" rating in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Sinclair from $14.00 to $16.00 and gave the company an "underweight" rating in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $20.10.

Sinclair Stock Performance

The stock has a 50 day simple moving average of $16.02 and a two-hundred day simple moving average of $15.53. The company has a market capitalization of $972.40 million, a price-to-earnings ratio of -4.44 and a beta of 1.55. The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91.

Sinclair (NASDAQ:SBGI - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.54. The firm had revenue of $917.00 million during the quarter, compared to analysts' expectations of $923.02 million. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The firm's revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.30) earnings per share. As a group, analysts anticipate that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.83%. The ex-dividend date was Monday, December 2nd. Sinclair's payout ratio is -30.30%.

Institutional Investors Weigh In On Sinclair

Several hedge funds and other institutional investors have recently bought and sold shares of SBGI. SG Americas Securities LLC purchased a new position in shares of Sinclair during the third quarter worth about $310,000. GAMMA Investing LLC boosted its position in shares of Sinclair by 81.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,283 shares of the company's stock valued at $35,000 after purchasing an additional 1,026 shares during the period. nVerses Capital LLC grew its stake in Sinclair by 71.4% during the 3rd quarter. nVerses Capital LLC now owns 3,600 shares of the company's stock worth $55,000 after buying an additional 1,500 shares during the last quarter. Pinnacle Associates Ltd. increased its position in Sinclair by 2.3% during the third 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. Finally, Harbor Capital Advisors Inc. purchased a new stake in Sinclair in the third quarter valued at approximately $39,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.