Sinclair (NASDAQ:SBGI) Raised to “Equal Weight” at Wells Fargo & Company

Sinclair (NASDAQ:SBGI) was upgraded by research analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research report issued on Thursday, FinViz reports. The brokerage presently has a $19.00 target price on the stock, up from their prior target price of $13.00. Wells Fargo & Company‘s target price would suggest a potential upside of 9.13% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Rosenblatt Securities boosted their target price on Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a report on Friday, September 20th. StockNews.com upgraded Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. Finally, Benchmark raised their target price on Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd.

Sinclair Stock Up 4.0 %

Shares of SBGI opened at $17.41 on Thursday. The stock has a 50 day moving average price of $15.50 and a 200 day moving average price of $14.12. Sinclair has a one year low of $11.13 and a one year high of $17.98. The company has a debt-to-equity ratio of 14.93, a quick ratio of 1.78 and a current ratio of 1.78. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -3.18, a PEG ratio of 0.14 and a beta of 1.53.

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

Institutional Trading of Sinclair

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its position in shares of Sinclair by 52.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 114,864 shares of the company’s stock valued at $1,549,000 after acquiring an additional 39,624 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Sinclair in the 1st quarter valued at approximately $1,359,000. Allspring Global Investments Holdings LLC raised its position in Sinclair by 92.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,706 shares of the company’s stock valued at $144,000 after purchasing an additional 5,147 shares during the period. Empyrean Capital Partners LP purchased a new stake in Sinclair in the second quarter valued at approximately $2,873,000. Finally, Alden Global Capital LLC boosted its position in shares of Sinclair by 10.5% during the second quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company’s stock worth $16,341,000 after buying an additional 116,074 shares during the period. 41.71% of the stock is 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.