JPMorgan Chase & Co. Lowers Sinclair (NASDAQ:SBGI) Price Target to $13.00

Sinclair (NASDAQ:SBGI) had its price objective lowered by equities research analysts at JPMorgan Chase & Co. from $14.00 to $13.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 7.34% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Wall Street Zen downgraded Sinclair from a “hold” rating to a “sell” rating in a research report on Monday, May 12th. Guggenheim reaffirmed a “buy” rating on shares of Sinclair in a research report on Thursday, May 15th. Benchmark dropped their price objective on Sinclair from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company dropped their price objective on Sinclair from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $18.50.

Sinclair Price Performance

SBGI opened at $14.03 on Wednesday. Sinclair has a 12-month low of $11.13 and a 12-month high of $18.46. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 11.73. The business’s fifty day simple moving average is $14.96 and its 200-day simple moving average is $15.51. The company has a market capitalization of $976.10 million, a price-to-earnings ratio of -4.25 and a beta of 1.36.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($2.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.78) by ($0.40). Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The firm had revenue of $776.00 million for the quarter, compared to the consensus estimate of $774.79 million. During the same period in the previous year, the company posted $0.35 EPS. Sinclair’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Sinclair will post 4.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sinclair news, Chairman David D. Smith purchased 30,296 shares of the stock in a transaction on Wednesday, March 5th. The stock was acquired at an average price of $14.09 per share, with a total value of $426,870.64. Following the completion of the acquisition, the chairman now owns 728,986 shares in the company, valued at $10,271,412.74. The trade was a 4.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders acquired 458,530 shares of company stock valued at $6,636,392. 46.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Federated Hermes Inc. purchased a new position in shares of Sinclair in the fourth quarter worth about $47,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Sinclair in the first quarter worth about $58,000. NBC Securities Inc. raised its stake in shares of Sinclair by 105,075.0% in the first quarter. NBC Securities Inc. now owns 4,207 shares of the company’s stock worth $67,000 after purchasing an additional 4,203 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Sinclair by 71.5% in the first quarter. Harbor Capital Advisors Inc. now owns 4,937 shares of the company’s stock worth $79,000 after purchasing an additional 2,058 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Sinclair in the first quarter worth about $119,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.