Empyrean Capital Partners LP Takes $2.87 Million Position in Sinclair, Inc. (NASDAQ:SBGI)

Empyrean Capital Partners LP acquired a new position in Sinclair, Inc. (NASDAQ:SBGI) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 215,511 shares of the company’s stock, valued at approximately $2,873,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. nVerses Capital LLC bought a new position in Sinclair during the 2nd quarter worth approximately $28,000. Fidelis Capital Partners LLC purchased a new stake in shares of Sinclair during the first quarter valued at approximately $49,000. EntryPoint Capital LLC grew its holdings in shares of Sinclair by 37.2% in the first quarter. EntryPoint Capital LLC now owns 4,001 shares of the company’s stock worth $54,000 after purchasing an additional 1,085 shares during the last quarter. Headlands Technologies LLC grew its holdings in shares of Sinclair by 1,039.0% in the second quarter. Headlands Technologies LLC now owns 4,647 shares of the company’s stock worth $62,000 after purchasing an additional 4,239 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new position in shares of Sinclair in the first quarter worth $76,000. Institutional investors own 41.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Benchmark increased their price target on shares of Sinclair from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Monday. Rosenblatt Securities increased their target price on shares of Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a report on Friday, September 20th. Finally, StockNews.com downgraded Sinclair from a “hold” rating to a “sell” rating in a report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.88.

Sinclair Stock Performance

NASDAQ:SBGI opened at $14.77 on Thursday. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 14.93. The firm’s fifty day simple moving average is $13.85 and its 200 day simple moving average is $13.25. The stock has a market cap of $977.45 million, a P/E ratio of -2.07, a price-to-earnings-growth ratio of 0.12 and a beta of 1.54. Sinclair, Inc. has a twelve month low of $9.39 and a twelve month high of $17.58.

Sinclair (NASDAQ:SBGI) last announced its earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $829.00 million for the quarter, compared to analyst estimates of $836.65 million. During the same quarter in the previous year, the firm posted ($1.09) EPS. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, research analysts predict that Sinclair, Inc. will post 4.57 EPS for the current year.

Sinclair Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, August 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.77%. Sinclair’s dividend payout ratio (DPR) is -14.04%.

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.