Insider Selling: Sinclair (NASDAQ:SBGI) Director Sells $103,523.88 in Stock

Sinclair, Inc. (NASDAQ:SBGI) Director Benson Legg sold 6,548 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $15.81, for a total transaction of $103,523.88. Following the sale, the director owned 71,165 shares of the company’s stock, valued at $1,125,118.65. This trade represents a 8.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Sinclair Price Performance

Shares of NASDAQ SBGI opened at $15.21 on Friday. The firm has a market cap of $1.06 billion, a P/E ratio of -24.53 and a beta of 0.99. The business’s 50 day moving average is $15.11 and its 200-day moving average is $14.46. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 14.77. Sinclair, Inc. has a 1-year low of $11.89 and a 1-year high of $17.88.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.63. Sinclair had a negative return on equity of 10.19% and a negative net margin of 1.35%.The firm had revenue of $773.00 million for the quarter, compared to analyst estimates of $766.78 million. During the same period in the prior year, the firm posted $1.43 EPS. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. Equities research analysts predict that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a $0.25 dividend. The ex-dividend date was Monday, December 1st. This represents a $1.00 annualized dividend and a yield of 6.6%. Sinclair’s payout ratio is -161.29%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Sinclair from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sinclair in a report on Monday. Guggenheim upped their target price on Sinclair from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Finally, Zacks Research upgraded Sinclair from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 13th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.00.

Institutional Investors Weigh In On Sinclair

A number of large investors have recently modified their holdings of SBGI. Geneos Wealth Management Inc. raised its holdings in shares of Sinclair by 142.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock worth $25,000 after buying an additional 1,065 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Sinclair by 175.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company’s stock worth $41,000 after acquiring an additional 1,882 shares in the last quarter. Aquatic Capital Management LLC bought a new position in shares of Sinclair in the third quarter worth about $48,000. Raymond James Financial Inc. bought a new position in shares of Sinclair in the second quarter worth about $54,000. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Sinclair by 26.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,945 shares of the company’s stock valued at $55,000 after purchasing an additional 820 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

Sinclair Company Profile

Sinclair Broadcast Group, Inc (NASDAQ: SBGI) is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.