Guggenheim Cuts Sinclair (NASDAQ:SBGI) Price Target to $19.00

Sinclair (NASDAQ:SBGI) had its price objective cut by Guggenheim from $20.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

SBGI has been the subject of several other reports. Benchmark reduced their target price on Sinclair from $29.00 to $27.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Wells Fargo & Company dropped their price objective on Sinclair from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Wall Street Zen downgraded Sinclair from a “hold” rating to a “sell” rating in a research report on Monday, May 12th. Finally, JPMorgan Chase & Co. dropped their target price on Sinclair from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $18.30.

Sinclair Stock Performance

Shares of Sinclair stock opened at $14.19 on Thursday. The company has a debt-to-equity ratio of 13.93, a current ratio of 1.89 and a quick ratio of 2.08. The business has a 50-day simple moving average of $14.15 and a 200 day simple moving average of $14.50. The firm has a market capitalization of $987.20 million, a price-to-earnings ratio of 17.10 and a beta of 1.28. Sinclair has a one year low of $11.89 and a one year high of $18.45.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.19). The company had revenue of $784.00 million for the quarter, compared to the consensus estimate of $798.16 million. Sinclair had a return on equity of 12.51% and a net margin of 1.44%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 earnings per share. On average, research analysts anticipate that Sinclair will post 4.24 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date of this dividend is Friday, August 29th. Sinclair’s dividend payout ratio is currently 120.48%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SBGI. LPL Financial LLC increased its stake in Sinclair by 10.8% in the fourth quarter. LPL Financial LLC now owns 95,260 shares of the company’s stock valued at $1,538,000 after acquiring an additional 9,295 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Sinclair by 188.0% in the fourth quarter. JPMorgan Chase & Co. now owns 80,206 shares of the company’s stock valued at $1,295,000 after acquiring an additional 52,355 shares during the last quarter. Wells Fargo & Company MN increased its stake in Sinclair by 8.5% in the fourth quarter. Wells Fargo & Company MN now owns 33,548 shares of the company’s stock valued at $541,000 after acquiring an additional 2,620 shares during the last quarter. Federated Hermes Inc. bought a new position in Sinclair in the fourth quarter valued at $47,000. Finally, Legal & General Group Plc increased its stake in Sinclair by 11.5% in the fourth quarter. Legal & General Group Plc now owns 36,766 shares of the company’s stock valued at $593,000 after acquiring an additional 3,800 shares during the last quarter. Institutional investors own 41.71% of the company’s stock.

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.