Sinclair (NASDAQ:SBGI) Reaches New 12-Month Low – What’s Next?

Sinclair, Inc. (NASDAQ:SBGI) shares reached a new 52-week low on Thursday. The company traded as low as $12.43 and last traded at $12.3950, with a volume of 43183 shares. The stock had previously closed at $12.69.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wall Street Zen lowered Sinclair from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. increased their target price on shares of Sinclair from $14.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday, August 21st. Zacks Research upgraded shares of Sinclair from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 8th. Finally, Weiss Ratings upgraded shares of Sinclair from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.40.

Sinclair Trading Down 2.0%

The firm has a market cap of $899.37 million, a price-to-earnings ratio of 16.59 and a beta of 1.05. The company has a 50-day moving average price of $13.84 and a 200 day moving average price of $14.09. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 13.28.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.82). The business had revenue of $840.00 million for the quarter, compared to analyst estimates of $838.99 million. Sinclair had a net margin of 1.60% and a negative return on equity of 16.09%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.91) earnings per share. As a group, research analysts anticipate that Sinclair, Inc. will post 1.01 earnings per share for the current fiscal year.

Sinclair Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a $0.25 dividend. The ex-dividend date was Monday, August 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.0%. Sinclair’s dividend payout ratio is currently 133.33%.

Insider Buying and Selling at Sinclair

In other news, EVP David Gibber sold 29,246 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $13.74, for a total value of $401,840.04. Following the completion of the sale, the executive vice president directly owned 184,244 shares of the company’s stock, valued at $2,531,512.56. This represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 42.10% of the stock is owned by corporate insiders.

Institutional Trading of Sinclair

Several hedge funds and other institutional investors have recently modified their holdings of SBGI. Dimensional Fund Advisors LP boosted its position in Sinclair by 7.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company’s stock valued at $21,001,000 after purchasing an additional 113,788 shares during the last quarter. Madison Avenue Partners LP acquired a new position in Sinclair in the 4th quarter worth about $13,918,000. Converium Capital Inc. increased its position in Sinclair by 15.8% in the 1st quarter. Converium Capital Inc. now owns 1,062,452 shares of the company’s stock worth $13,748,000 after purchasing an additional 144,674 shares during the last quarter. Bank of America Corp DE increased its position in Sinclair by 82.6% in the 1st quarter. Bank of America Corp DE now owns 86,137 shares of the company’s stock worth $1,115,000 after purchasing an additional 38,962 shares during the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. raised its stake in shares of Sinclair by 3.6% during the 1st quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 29,000 shares of the company’s stock worth $375,000 after purchasing an additional 1,000 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

About Sinclair

Sinclair, Inc (NASDAQ: SBGI) is a diversified media company focused primarily on local television broadcasting in the United States. Through its television stations, the company provides local news, weather, sports, entertainment and syndicated programming to audiences in markets across the country.

Sinclair also develops and distributes content through national and regional networks, digital platforms and streaming services. Its portfolio has included sports-focused programming, news and information services, and digital products designed to extend the reach of its broadcast content across connected televisions, websites and mobile devices.

The company was founded in 1986 by David D.