Rhumbline Advisers Sells 36,102 Shares of Sinclair, Inc. (NASDAQ:SBGI)

Rhumbline Advisers cut its holdings in Sinclair, Inc. (NASDAQ:SBGI) by 41.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,970 shares of the company’s stock after selling 36,102 shares during the period. Rhumbline Advisers owned 0.08% of Sinclair worth $796,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. bought a new position in Sinclair in the fourth quarter worth approximately $47,000. New York State Common Retirement Fund lifted its stake in shares of Sinclair by 29.4% during the 4th quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock valued at $121,000 after buying an additional 1,700 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Sinclair during the 4th quarter valued at $123,000. Central Pacific Bank Trust Division lifted its stake in shares of Sinclair by 77.8% during the 1st quarter. Central Pacific Bank Trust Division now owns 8,000 shares of the company’s stock valued at $127,000 after buying an additional 3,500 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new position in shares of Sinclair during the 4th quarter valued at $194,000. 41.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Sinclair from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 21st. Wall Street Zen downgraded shares of Sinclair from a “hold” rating to a “sell” rating in a report on Monday, May 12th. Benchmark reduced their price target on shares of Sinclair from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Wells Fargo & Company reduced their price target on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Finally, Guggenheim reiterated a “buy” rating on shares of Sinclair in a report on Thursday, May 15th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Sinclair has an average rating of “Hold” and an average target price of $18.50.

Sinclair Price Performance

SBGI stock opened at $13.52 on Friday. Sinclair, Inc. has a 12 month low of $11.43 and a 12 month high of $18.46. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 11.32. The company has a 50-day moving average price of $14.26 and a 200 day moving average price of $15.00. The stock has a market cap of $940.61 million, a PE ratio of 6.73 and a beta of 1.32.

Sinclair (NASDAQ:SBGI) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($2.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.78) by ($0.40). The firm had revenue of $776.00 million for the quarter, compared to analysts’ expectations of $774.79 million. Sinclair had a return on equity of 34.15% and a net margin of 3.72%. Sinclair’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 earnings per share. Equities research analysts anticipate that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.00 annualized dividend and a dividend yield of 7.40%. Sinclair’s dividend payout ratio is currently 49.75%.

Insider Activity

In other Sinclair news, Chairman David D. Smith purchased 125,197 shares of Sinclair stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average price of $14.98 per share, for a total transaction of $1,875,451.06. Following the acquisition, the chairman now owns 1,207,968 shares in the company, valued at $18,095,360.64. This trade represents a 11.56% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders acquired 213,891 shares of company stock worth $3,086,102. 41.90% of the stock is currently owned by corporate insiders.

Sinclair 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.