Benchmark Has Lowered Expectations for Sinclair (NASDAQ:SBGI) Stock Price

Sinclair (NASDAQ:SBGI - Get Free Report) had its target price dropped by analysts at Benchmark from $30.00 to $29.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Benchmark's price target suggests a potential upside of 90.28% from the stock's current price.

Several other research firms have also issued reports on SBGI. StockNews.com lowered Sinclair from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Wells Fargo & Company lowered their price target on 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 cut their price objective on Sinclair from $19.00 to $17.00 and set a "buy" rating for the company in a report on Monday, March 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Sinclair has an average rating of "Hold" and an average target price of $19.10.

Sinclair Stock Performance

Shares of NASDAQ SBGI traded down $0.07 during mid-day trading on Tuesday, reaching $15.24. 15,978 shares of the company's stock were exchanged, compared to its average volume of 337,296. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -4.62 and a beta of 1.36. The firm has a 50-day moving average price of $14.75 and a two-hundred day moving average price of $15.64. The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91. Sinclair has a 52 week low of $11.13 and a 52 week high of $18.45.

Sinclair (NASDAQ:SBGI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.99 by $0.62. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $1.01 billion. Analysts predict that Sinclair will post 4.24 EPS for the current year.

Insider Activity at Sinclair

In other Sinclair news, Chairman David D. Smith bought 30,296 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $14.09 per share, for a total transaction of $426,870.64. Following the acquisition, the chairman now owns 728,986 shares in the company, valued at approximately $10,271,412.74. This represents a 4.34 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought 458,530 shares of company stock worth $6,636,392 over the last ninety days. 46.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sinclair

Large investors have recently made changes to their positions in the business. Kendall Capital Management bought a new stake in Sinclair in the fourth quarter worth $280,000. Vanguard Group Inc. raised its position in shares of Sinclair by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 3,714,036 shares of the company's stock worth $59,945,000 after purchasing an additional 64,683 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Sinclair during the 4th quarter valued at about $451,000. Rhumbline Advisers grew its position in Sinclair by 56.3% during the 4th quarter. Rhumbline Advisers now owns 86,072 shares of the company's stock valued at $1,389,000 after purchasing an additional 31,015 shares during the last quarter. Finally, Gamco Investors INC. ET AL increased its stake in Sinclair by 1.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 3,704,282 shares of the company's stock valued at $59,787,000 after purchasing an additional 55,350 shares in the last quarter. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Sinclair Company 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.

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