Insider Buying: Sinclair, Inc. (NASDAQ:SBGI) Chairman Purchases 61,591 Shares of Stock

Sinclair, Inc. (NASDAQ:SBGI) Chairman David D. Smith acquired 61,591 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The shares were bought at an average price of $15.79 per share, with a total value of $972,521.89. Following the completion of the transaction, the chairman now directly owns 962,951 shares in the company, valued at approximately $15,204,996.29. The trade was a 6.83 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Sinclair Trading Up 2.1 %

Shares of SBGI stock opened at $16.76 on Friday. The firm’s 50-day simple moving average is $14.80 and its 200-day simple moving average is $15.71. 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 1-year low of $11.13 and a 1-year high of $18.46. The firm has a market cap of $1.11 billion, a P/E ratio of -5.08 and a beta of 1.50.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.62. The company had revenue of $1 billion for the quarter, compared to analyst estimates 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, equities analysts forecast that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Monday, March 10th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 5.97%. The ex-dividend date of this dividend is Monday, March 10th. Sinclair’s payout ratio is currently 21.46%.

Hedge Funds Weigh In On Sinclair

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its position in Sinclair by 26.9% during the 4th quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock worth $47,000 after purchasing an additional 613 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Sinclair in the fourth quarter worth about $47,000. Point72 DIFC Ltd acquired a new stake in shares of Sinclair in the third quarter valued at about $91,000. New York State Common Retirement Fund lifted its position in Sinclair by 29.4% during the 4th 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. Finally, KLP Kapitalforvaltning AS purchased a new position in Sinclair in the 4th quarter worth approximately $123,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.