Sinclair (NASDAQ:SBGI) Shares Gap Down – What’s Next?

Sinclair, Inc. (NASDAQ:SBGI)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $16.96, but opened at $16.35. Sinclair shares last traded at $16.43, with a volume of 24,065 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SBGI. StockNews.com lowered shares of Sinclair from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Guggenheim cut their price target on Sinclair from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Wells Fargo & Company decreased their price objective on Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, February 27th. Finally, Benchmark reiterated a “buy” rating and issued a $30.00 target price on shares of Sinclair in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.30.

Sinclair Stock Performance

The company has a 50-day moving average of $14.87 and a 200-day moving average of $15.81. The company has a market cap of $1.11 billion, a PE ratio of -5.06 and a beta of 1.50. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings data 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 firm had revenue of $1 billion for 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%. As a group, analysts anticipate that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 10th were given a dividend of $0.25 per share. The ex-dividend date was Monday, March 10th. This represents a $1.00 annualized dividend and a dividend yield of 5.99%. Sinclair’s dividend payout ratio is currently 21.46%.

Insider Activity

In other Sinclair news, Chairman David D. Smith acquired 17,902 shares of the business’s stock in a transaction on Monday, March 24th. The shares were acquired at an average price of $16.45 per share, with a total value of $294,487.90. Following the completion of the transaction, the chairman now owns 1,082,771 shares in the company, valued at approximately $17,811,582.95. This trade represents a 1.68 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders acquired a total of 262,541 shares of company stock valued at $3,844,778 over the last three months. Corporate insiders own 46.60% of the company’s stock.

Institutional Investors Weigh In On Sinclair

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in Sinclair by 26.9% during the fourth quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock worth $47,000 after buying an additional 613 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of Sinclair during the 4th quarter worth approximately $47,000. Point72 DIFC Ltd bought a new stake in shares of Sinclair in the 3rd quarter worth approximately $91,000. New York State Common Retirement Fund lifted its stake in Sinclair by 29.4% in the fourth quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock valued at $121,000 after purchasing an additional 1,700 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Sinclair during the fourth quarter valued at $123,000. 41.71% of the stock is currently owned by 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.