Zacks Research Upgrades Sinclair (NASDAQ:SBGI) to "Hold"

Key Points

• Zacks Research upgraded Sinclair from “strong sell” to “hold,” bringing its consensus analyst rating to “Hold” with an average price target of $19.40.
• Sinclair shares opened at $13.55, near the lower end of their 12-month range of $12.46 to $17.88; the company reported quarterly revenue of $840 million but missed the EPS estimate by $0.82.
• Company insiders recently sold shares, while insiders and institutional investors own approximately 42.1% and 41.7% of Sinclair, respectively.

Sinclair (NASDAQ:SBGI - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Tuesday, Zacks reports.

SBGI has been the topic of a number of other reports. Wall Street Zen downgraded shares of Sinclair from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded shares of Sinclair from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of Sinclair from $14.00 to $15.00 and gave the stock an "underweight" rating in a report on Friday, August 21st. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $19.40.

Sinclair Price Performance

Shares of NASDAQ SBGI opened at $13.55 on Tuesday. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 13.28. The company has a market capitalization of $979.94 million, a price-to-earnings ratio of 18.07 and a beta of 1.05. Sinclair has a twelve month low of $12.46 and a twelve month high of $17.88. The business has a 50 day simple moving average of $14.16 and a 200-day simple moving average of $14.25.

Sinclair (NASDAQ:SBGI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.82). Sinclair had a negative return on equity of 16.09% and a net margin of 1.60%.The firm had revenue of $840.00 million for the quarter, compared to the consensus estimate of $838.99 million. During the same quarter last year, the business earned ($0.91) earnings per share. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities research analysts expect that Sinclair will post 1.01 earnings per share for the current year.

Insider Buying and Selling at Sinclair

In related news, Director Daniel C. Keith sold 17,000 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $15.02, for a total value of $255,340.00. Following the sale, the director owned 25,122 shares of the company's stock, valued at $377,332.44. This trade represents a 40.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David B. Gibber sold 29,246 shares of Sinclair stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $13.74, for a total transaction of $401,840.04. Following the completion of the sale, the executive vice president owned 184,244 shares in the company, valued at approximately $2,531,512.56. This represents a 13.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 42.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SBGI. Geneos Wealth Management Inc. raised its holdings in shares of Sinclair by 142.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company's stock valued at $25,000 after buying an additional 1,065 shares during the last quarter. Hilton Head Capital Partners LLC acquired a new position in shares of Sinclair during the fourth quarter worth approximately $32,000. Tower Research Capital LLC TRC boosted its position in shares of 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 buying an additional 1,882 shares during the period. Aquatic Capital Management LLC bought a new position in Sinclair in the 3rd quarter worth approximately $48,000. Finally, Raymond James Financial Inc. bought a new position in Sinclair in the 2nd quarter worth approximately $54,000. Institutional investors own 41.71% of the company's stock.

About Sinclair

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.

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