Insider Buying: Sinclair, Inc. (NASDAQ:SBGI) Chairman Acquires 4,616 Shares of Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith acquired 4,616 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $16.44 per share, with a total value of $75,887.04. Following the completion of the acquisition, the chairman now owns 972,205 shares in the company, valued at $15,983,050.20. This trade represents a 0.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Sinclair Trading Up 1.2 %

Sinclair stock traded up $0.20 during mid-day trading on Friday, reaching $16.96. 1,388,810 shares of the company traded hands, compared to its average volume of 341,604. 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, Inc. has a 52-week low of $11.13 and a 52-week high of $18.46. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -5.14 and a beta of 1.50. The firm’s 50 day moving average price is $14.80 and its 200 day moving average price is $15.71.

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

Sinclair Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Monday, March 10th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.00 annualized dividend and a yield of 5.90%. Sinclair’s payout ratio is 21.46%.

Hedge Funds Weigh In On Sinclair

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of Sinclair by 26.9% during the 4th quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock valued at $47,000 after buying an additional 613 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sinclair by 4.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,302 shares of the company’s stock valued at $295,000 after acquiring an additional 760 shares during the period. New York State Common Retirement Fund boosted its stake in Sinclair by 29.4% during the fourth quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock worth $121,000 after acquiring an additional 1,700 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Sinclair by 5.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,500 shares of the company’s stock worth $590,000 after purchasing an additional 2,035 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in Sinclair by 8.5% in the fourth quarter. Wells Fargo & Company MN now owns 33,548 shares of the company’s stock worth $541,000 after purchasing an additional 2,620 shares during the period. Institutional investors own 41.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Benchmark reissued a “buy” rating and issued a $30.00 price target on shares of Sinclair in a report on Tuesday, January 28th. Guggenheim lowered their target price on shares of Sinclair from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Wells Fargo & Company reduced their price target 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. Finally, StockNews.com downgraded Sinclair from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.30.

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.