Algert Global LLC Acquires New Position in Sinclair, Inc. $SBGI

Key Points

• Algert Global LLC acquired a new stake in Sinclair, Inc. worth approximately $1.6 million, obtaining 100,960 shares, which represents about 0.15% ownership of the company.
• Several institutional investors have increased their positions in Sinclair, with Carronade Capital Management showing a notable 418.1% increase in shares held during the fourth quarter, bringing its total to 440,419 shares.
• Despite an overall concept of "Hold" rating from analysts, Sinclair's stock has seen fluctuations with Wells Fargo reducing its price target from $17.00 to $16.00, reflecting a cautious outlook on the company's performance.

Algert Global LLC acquired a new position in shares of Sinclair, Inc. (NASDAQ:SBGI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 100,960 shares of the company's stock, valued at approximately $1,608,000. Algert Global LLC owned about 0.15% of Sinclair at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. DekaBank Deutsche Girozentrale acquired a new stake in Sinclair during the 1st quarter worth $58,000. NBC Securities Inc. grew its holdings in shares of 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 purchasing an additional 4,203 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of 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 purchasing an additional 2,058 shares during the last quarter. Central Pacific Bank Trust Division increased its position in shares of Sinclair by 77.8% during the first quarter. Central Pacific Bank Trust Division now owns 8,000 shares of the company's stock worth $127,000 after purchasing an additional 3,500 shares in the last quarter. Finally, Verity Asset Management Inc. purchased a new stake in shares of Sinclair in the 1st quarter valued at about $185,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Sinclair Stock Performance

NASDAQ SBGI traded up $0.06 during trading hours on Thursday, hitting $14.61. 95,654 shares of the stock were exchanged, compared to its average volume of 421,663. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 13.93. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 17.58 and a beta of 1.28. Sinclair, Inc. has a 12-month low of $11.89 and a 12-month high of $18.45. The stock has a 50-day moving average of $14.28 and a 200 day moving average of $14.47.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.19). The business had revenue of $784.00 million for the quarter, compared to analyst estimates of $798.16 million. Sinclair had a return on equity of 12.51% and a net margin of 1.44%.The business's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 EPS. As a group, equities research analysts forecast that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date of this dividend is Friday, August 29th. Sinclair's dividend payout ratio is currently 120.48%.

Analyst Ratings Changes

A number of analysts recently issued reports on SBGI shares. Guggenheim decreased their target price on Sinclair from $20.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, August 14th. Benchmark decreased their price objective on Sinclair from $29.00 to $27.00 and set a "buy" rating for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. lowered their target price on shares of Sinclair from $14.00 to $13.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 21st. Wall Street Zen cut shares of Sinclair from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Finally, Wells Fargo & Company decreased their price target on shares of Sinclair from $17.00 to $16.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sinclair currently has a consensus rating of "Hold" and a consensus target price of $18.30.

Sinclair 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.