Verition Fund Management LLC Makes New $822,000 Investment in Sinclair, Inc. (NASDAQ:SBGI)

Verition Fund Management LLC purchased a new position in shares of Sinclair, Inc. (NASDAQ:SBGI - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 53,740 shares of the company's stock, valued at approximately $822,000. Verition Fund Management LLC owned about 0.08% of Sinclair at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Segall Bryant & Hamill LLC bought a new position in shares of Sinclair during the third quarter worth approximately $1,605,000. Empyrean Capital Partners LP bought a new position in Sinclair during the 2nd quarter worth $2,873,000. Alden Global Capital LLC raised its holdings in 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 acquiring an additional 116,074 shares in the last quarter. Inspire Advisors LLC bought a new stake in shares of Sinclair during the 2nd quarter valued at $1,552,000. Finally, Quantbot Technologies LP grew its holdings in shares of Sinclair by 103.2% during the 3rd quarter. Quantbot Technologies LP now owns 26,365 shares of the company's stock worth $403,000 after purchasing an additional 13,390 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

Sinclair Trading Up 3.7 %

NASDAQ:SBGI traded up $0.66 during mid-day trading on Tuesday, hitting $18.30. 212,676 shares of the company's stock were exchanged, compared to its average volume of 401,663. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 11.73. Sinclair, Inc. has a fifty-two week low of $11.13 and a fifty-two week high of $18.45. The company has a 50 day simple moving average of $16.95 and a 200-day simple moving average of $14.71. The firm has a market capitalization of $1.22 billion, a P/E ratio of -5.55, a PEG ratio of 0.16 and a beta of 1.55.

Sinclair (NASDAQ:SBGI - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.54. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The business had revenue of $917.00 million during the quarter, compared to the consensus estimate of $923.02 million. During the same period in the prior year, the business posted ($0.30) earnings per share. Sinclair's quarterly revenue was up 19.6% on a year-over-year basis. As a group, research analysts expect 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 will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.46%. The ex-dividend date is Monday, December 2nd. Sinclair's payout ratio is presently -30.30%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Sinclair from a "sell" rating to a "hold" rating in a research note on Saturday, September 28th. JPMorgan Chase & Co. increased their price target on shares of Sinclair from $14.00 to $16.00 and gave the stock an "underweight" rating in a research report on Tuesday, November 12th. Benchmark boosted their price objective on shares of Sinclair from $29.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, September 23rd. Rosenblatt Securities lifted their price target on Sinclair from $16.40 to $16.50 and gave the company a "neutral" rating in a research note on Friday, September 20th. Finally, Wells Fargo & Company raised Sinclair from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $13.00 to $19.00 in a research note on Thursday, November 7th. One investment 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. According to data from MarketBeat, Sinclair presently has an average rating of "Hold" and a consensus target price of $20.10.

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.