Insider Buying: Sinclair, Inc. (NASDAQ:SBGI) Chairman Purchases 61,591 Shares of Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith bought 61,591 shares of the company’s stock in a transaction on Tuesday, March 18th. The stock was bought at an average cost of $15.79 per share, for a total transaction of $972,521.89. Following the completion of the transaction, the chairman now directly owns 962,951 shares of the company’s stock, valued at $15,204,996.29. This trade represents a 6.83 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Sinclair Stock Performance

SBGI traded up $0.13 during midday trading on Thursday, reaching $16.54. The company’s stock had a trading volume of 171,370 shares, compared to its average volume of 338,019. Sinclair, Inc. has a twelve month low of $11.13 and a twelve month high of $18.46. The stock has a market cap of $1.10 billion, a P/E ratio of -5.01 and a beta of 1.50. The company has a fifty day simple moving average of $14.79 and a 200 day simple moving average of $15.70. 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 (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $2.61 EPS for the quarter, beating the consensus estimate of $1.99 by $0.62. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $1.01 billion. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. Research analysts expect that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be given a $0.25 dividend. The ex-dividend date is Monday, March 10th. This represents a $1.00 annualized dividend and a yield of 6.05%. Sinclair’s payout ratio is 21.46%.

Institutional Investors Weigh In On Sinclair

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Segall Bryant & Hamill LLC acquired a new stake in shares of Sinclair during the third quarter worth $1,605,000. Kendall Capital Management bought a new stake in Sinclair in the fourth quarter valued at approximately $280,000. Verition Fund Management LLC bought a new stake in Sinclair in the third quarter valued at approximately $822,000. Rhumbline Advisers raised its stake in Sinclair by 56.3% in the fourth quarter. Rhumbline Advisers now owns 86,072 shares of the company’s stock valued at $1,389,000 after buying an additional 31,015 shares during the period. Finally, Barclays PLC grew its position in shares of Sinclair by 378.1% in the third quarter. Barclays PLC now owns 54,229 shares of the company’s stock valued at $831,000 after purchasing an additional 42,887 shares during the last quarter. Institutional investors own 41.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SBGI. Guggenheim decreased their price target on 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 lowered Sinclair from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Wells Fargo & Company reduced their price objective on Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Finally, Benchmark reaffirmed a “buy” rating and set a $30.00 price target on shares of Sinclair in a research note on Tuesday, January 28th. 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.com, Sinclair currently has an average rating of “Hold” and an average target price of $19.30.

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.