Sinclair (NASDAQ:SBGI) Given New $27.00 Price Target at Benchmark

Key Points

• Benchmark has lowered its target price for Sinclair stock from $29.00 to $27.00, suggesting a possible upside of 91.20% from its current price.
• Other analysts have also issued negative ratings, with JPMorgan reducing its target price to $13.00 and maintaining an "underweight" rating on the stock.
• Sinclair's recent quarterly earnings report showed a loss of ($0.91) EPS, missing analysts' expectations and reflecting a revenue decline of 5.4% compared to the previous year.

Sinclair (NASDAQ:SBGI - Free Report) had its target price decreased by Benchmark from $29.00 to $27.00 in a research report sent to investors on Thursday,Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other analysts have also recently commented on the stock. JPMorgan Chase & Co. cut their target price on shares of Sinclair from $14.00 to $13.00 and set an "underweight" rating for the company in a research note on Wednesday, May 21st. Guggenheim reissued a "buy" rating on shares of Sinclair in a research note on Thursday, May 15th. Finally, Wall Street Zen cut shares of Sinclair from a "hold" rating to a "sell" rating in a research note on Monday, May 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $17.90.

Sinclair Stock Performance

Shares of Sinclair stock traded up $0.59 during trading on Thursday, hitting $12.52. 572,368 shares of the company's stock were exchanged, compared to its average volume of 398,405. The company has a debt-to-equity ratio of 11.32, a quick ratio of 2.08 and a current ratio of 2.08. The business has a 50-day simple moving average of $14.05 and a 200-day simple moving average of $14.52. Sinclair has a 52-week low of $11.89 and a 52-week high of $18.45. The stock has a market capitalization of $870.69 million, a price-to-earnings ratio of 15.08 and a beta of 1.28.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.91) earnings per share for the quarter, missing analysts' consensus estimates of ($0.72) by ($0.19). Sinclair had a net margin of 1.44% and a return on equity of 11.61%. The firm had revenue of $784.00 million during the quarter, compared to analysts' expectations of $798.16 million. During the same period in the previous year, the firm posted $0.27 EPS. The firm's quarterly revenue was down 5.4% on a year-over-year basis. On average, research analysts forecast that Sinclair will post 4.24 EPS for the current year.

Sinclair Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, August 29th. This represents a $1.00 annualized dividend and a dividend yield of 8.0%. Sinclair's dividend payout ratio (DPR) is 120.48%.

Institutional Investors Weigh In On Sinclair

Hedge funds and other institutional investors have recently modified their holdings of the company. Federated Hermes Inc. purchased a new stake in Sinclair during the fourth quarter worth approximately $47,000. DekaBank Deutsche Girozentrale purchased a new stake in Sinclair during the first quarter worth approximately $58,000. NBC Securities Inc. grew its stake in Sinclair by 105,075.0% during the first quarter. NBC Securities Inc. now owns 4,207 shares of the company's stock worth $67,000 after buying an additional 4,203 shares during the period. Harbor Capital Advisors Inc. grew its stake in Sinclair by 71.5% during the first quarter. Harbor Capital Advisors Inc. now owns 4,937 shares of the company's stock worth $79,000 after buying an additional 2,058 shares during the period. Finally, State of Wyoming purchased a new stake in Sinclair during the first quarter worth approximately $119,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

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.