Corton Capital Inc. Acquires Shares of 31,372 Sinclair, Inc. (NASDAQ:SBGI)

Corton Capital Inc. bought a new position in shares of Sinclair, Inc. (NASDAQ:SBGI - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 31,372 shares of the company's stock, valued at approximately $506,000. Sinclair comprises approximately 0.3% of Corton Capital Inc.'s investment portfolio, making the stock its 17th biggest holding.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in Sinclair by 26.9% in the 4th quarter. GAMMA Investing LLC now owns 2,896 shares of the company's stock valued at $47,000 after buying an additional 613 shares during the period. New York State Common Retirement Fund raised its stake in shares of Sinclair by 29.4% during the fourth quarter. New York State Common Retirement Fund now owns 7,480 shares of the company's stock valued at $121,000 after acquiring an additional 1,700 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Sinclair by 5.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,500 shares of the company's stock worth $590,000 after purchasing an additional 2,035 shares in the last quarter. Wells Fargo & Company MN grew 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 worth $541,000 after purchasing an additional 2,620 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new position in Sinclair during the 4th quarter worth $47,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Sinclair Stock Down 0.1 %

SBGI stock opened at $15.31 on Tuesday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73. Sinclair, Inc. has a 52 week low of $11.13 and a 52 week high of $18.46. The stock has a market capitalization of $1.02 billion, a PE ratio of -4.64 and a beta of 1.36. The firm has a 50 day moving average of $14.75 and a 200 day moving average of $15.64.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.62. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $1.01 billion. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. Sell-side analysts forecast that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 10th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.53%. The ex-dividend date was Monday, March 10th. Sinclair's dividend payout ratio is presently 21.46%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SBGI. Benchmark restated a "buy" rating and issued a $30.00 price objective on shares of Sinclair in a report on Tuesday, January 28th. Wells Fargo & Company lowered their price target on shares of Sinclair from $19.00 to $17.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. Guggenheim reduced their target price on shares of Sinclair from $19.00 to $17.00 and set a "buy" rating for the company in a report on Monday, March 10th. Finally, StockNews.com lowered shares of Sinclair from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $19.30.

Insider Buying and Selling at Sinclair

In other Sinclair news, Chairman David D. Smith bought 4,616 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $16.44 per share, for a total transaction of $75,887.04. Following the completion of the transaction, the chairman now directly owns 972,205 shares of the company's stock, valued at approximately $15,983,050.20. This trade represents a 0.48 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders acquired 458,530 shares of company stock worth $6,636,392. Company insiders own 46.60% 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.

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