Sinclair (NASDAQ:SBGI) Shares Down 3.8% – Here’s What Happened

Sinclair, Inc. (NASDAQ:SBGI)’s stock price dropped 3.8% during trading on Monday . The company traded as low as $17.00 and last traded at $17.00. Approximately 52,499 shares traded hands during trading, a decline of 87% from the average daily volume of 419,835 shares. The stock had previously closed at $17.68.

Analysts Set New Price Targets

SBGI has been the topic of a number of research reports. Benchmark raised their target price on shares of Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. StockNews.com raised shares of Sinclair from a “sell” rating to a “hold” rating in a research report on Saturday, September 28th. Finally, Rosenblatt Securities lifted their price objective on shares of Sinclair from $16.40 to $16.50 and gave the company a “neutral” rating in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Sinclair currently has a consensus rating of “Hold” and a consensus target price of $19.88.

Sinclair Trading Down 2.0 %

The company has a market capitalization of $1.15 billion, a PE ratio of -3.23, a price-to-earnings-growth ratio of 0.14 and a beta of 1.55. The company’s fifty day moving average is $14.14 and its 200-day moving average is $13.56. The company has a debt-to-equity ratio of 14.93, a current ratio of 1.78 and a quick ratio of 1.78.

Sinclair (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.40. Sinclair had a negative net margin of 10.78% and a positive return on equity of 22.55%. The business had revenue of $829.00 million for the quarter, compared to analyst estimates of $836.65 million. During the same period in the previous year, the company earned ($1.09) earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, analysts anticipate that Sinclair, Inc. will post 4.57 EPS for the current fiscal year.

Sinclair Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.77%. The ex-dividend date was Friday, August 30th. Sinclair’s dividend payout ratio is currently -18.28%.

Hedge Funds Weigh In On Sinclair

Institutional investors and hedge funds have recently bought and sold shares of the company. nVerses Capital LLC purchased a new position in Sinclair in the second quarter worth $28,000. GAMMA Investing LLC lifted its stake in shares of Sinclair by 81.6% during the third quarter. GAMMA Investing LLC now owns 2,283 shares of the company’s stock worth $35,000 after buying an additional 1,026 shares during the period. Fidelis Capital Partners LLC acquired a new stake in shares of Sinclair during the first quarter worth $49,000. EntryPoint Capital LLC lifted its stake in shares of Sinclair by 37.2% during the first quarter. EntryPoint Capital LLC now owns 4,001 shares of the company’s stock worth $54,000 after buying an additional 1,085 shares during the period. Finally, Headlands Technologies LLC lifted its stake in shares of Sinclair by 1,039.0% during the second quarter. Headlands Technologies LLC now owns 4,647 shares of the company’s stock worth $62,000 after buying an additional 4,239 shares during the period. 41.71% of the stock is owned by hedge funds and other institutional investors.

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.