Alpha Wealth Funds LLC Invests $515,000 in Sinclair, Inc. $SBGI

Key Points

• Alpha Wealth Funds LLC invested $515,000 to acquire 38,200 shares of Sinclair, Inc. (NASDAQ:SBGI), making it the firm’s 27th largest holding.
• Several institutional investors have also increased their positions in Sinclair, with Allianz Asset Management investing approximately $602,000 in the second quarter.
• Sinclair has faced analyst downgrades recently, with Guggenheim reducing its price target from $20.00 to $19.00 and Zacks Research changing its rating to "strong sell."

Alpha Wealth Funds LLC bought a new position in Sinclair, Inc. (NASDAQ:SBGI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 38,200 shares of the company's stock, valued at approximately $515,000. Sinclair makes up approximately 0.4% of Alpha Wealth Funds LLC's portfolio, making the stock its 27th largest holding. Alpha Wealth Funds LLC owned 0.05% of Sinclair as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Allianz Asset Management GmbH bought a new position in shares of Sinclair in the 2nd quarter worth approximately $602,000. Acadian Asset Management LLC increased its position in Sinclair by 134.7% during the 1st quarter. Acadian Asset Management LLC now owns 11,525 shares of the company's stock valued at $182,000 after buying an additional 6,615 shares in the last quarter. Empowered Funds LLC increased its position in Sinclair by 3.3% during the 1st quarter. Empowered Funds LLC now owns 251,943 shares of the company's stock valued at $4,013,000 after buying an additional 7,970 shares in the last quarter. Aristeia Capital L.L.C. increased its position in Sinclair by 158.8% during the 1st quarter. Aristeia Capital L.L.C. now owns 45,276 shares of the company's stock valued at $721,000 after buying an additional 27,782 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Sinclair by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,082 shares of the company's stock valued at $304,000 after buying an additional 780 shares in the last quarter. Institutional investors own 41.71% of the company's stock.

Analyst Upgrades and Downgrades

SBGI has been the subject of a number of analyst reports. Guggenheim reduced their price objective on Sinclair from $20.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, August 14th. Zacks Research lowered Sinclair from a "hold" rating to a "strong sell" rating in a research report on Wednesday. Wells Fargo & Company reduced their price objective on Sinclair from $17.00 to $16.00 and set an "equal weight" rating for the company in a research report on Thursday, August 7th. Benchmark reduced their price objective on Sinclair from $29.00 to $27.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Sinclair in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Sinclair currently has an average rating of "Hold" and a consensus price target of $18.75.

Sinclair Stock Down 0.2%

Sinclair stock opened at $12.73 on Friday. The firm has a market cap of $886.64 million, a price-to-earnings ratio of 15.34 and a beta of 1.31. The stock has a fifty day simple moving average of $14.06 and a two-hundred day simple moving average of $14.19. Sinclair, Inc. has a 12 month low of $11.89 and a 12 month high of $18.45. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 13.93.

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

Sinclair Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.9%. Sinclair's dividend payout ratio (DPR) is presently 120.48%.

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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