Converium Capital Inc. Acquires 144,674 Shares of Sinclair, Inc. $SBGI

Key Points

• Converium Capital increased its Sinclair stake by 15.8%, purchasing 144,674 shares to own 1.06 million shares worth approximately $13.75 million, or 1.47% of the company.
• Institutional ownership remains significant at 41.71%, with Vanguard, Charles Schwab Investment Management and Dimensional Fund Advisors also adding to their positions.
• Analyst sentiment is mixed, with Sinclair holding a consensus “Hold” rating and a $19.20 target price. The company recently beat quarterly earnings expectations, reporting $0.28 EPS and $807 million in revenue, up 4% year over year.

Converium Capital Inc. increased its holdings in shares of Sinclair, Inc. (NASDAQ:SBGI - Free Report) by 15.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,062,452 shares of the company's stock after purchasing an additional 144,674 shares during the period. Sinclair makes up 8.9% of Converium Capital Inc.'s holdings, making the stock its 5th biggest position. Converium Capital Inc. owned approximately 1.47% of Sinclair worth $13,748,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SBGI. Vanguard Group Inc. boosted its holdings in Sinclair by 5.9% in the fourth quarter. Vanguard Group Inc. now owns 3,934,311 shares of the company's stock valued at $60,195,000 after purchasing an additional 220,623 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Sinclair by 23.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,946,274 shares of the company's stock worth $29,778,000 after purchasing an additional 373,566 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Sinclair by 7.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company's stock valued at $21,001,000 after buying an additional 113,788 shares during the last quarter. State Street Corp raised its stake in shares of Sinclair by 1.3% during the 4th quarter. State Street Corp now owns 916,712 shares of the company's stock valued at $14,026,000 after buying an additional 12,111 shares during the last quarter. Finally, Madison Avenue Partners LP acquired a new position in shares of Sinclair in the 4th quarter valued at about $13,918,000. Hedge funds and other institutional investors own 41.71% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SBGI shares. Guggenheim lowered their target price on Sinclair from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Tuesday, May 5th. Wells Fargo & Company reduced their price target on Sinclair from $17.00 to $16.00 and set an "equal weight" rating for the company in a research report on Friday, May 1st. Weiss Ratings raised Sinclair from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft set a $17.00 price target on Sinclair in a report on Wednesday, April 15th. Finally, Wall Street Zen raised shares of Sinclair from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $19.20.

Insiders Place Their Bets

In related news, Director Daniel C. Keith sold 17,000 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $15.02, for a total value of $255,340.00. Following the completion of the transaction, the director owned 25,122 shares of the company's stock, valued at approximately $377,332.44. This represents a 40.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 42.10% of the company's stock.

Sinclair Trading Down 0.2%

Shares of Sinclair stock opened at $13.74 on Friday. The firm has a 50-day simple moving average of $14.04 and a two-hundred day simple moving average of $14.38. The company has a market cap of $991.56 million, a P/E ratio of 15.27 and a beta of 1.04. Sinclair, Inc. has a fifty-two week low of $11.89 and a fifty-two week high of $17.88. The company has a debt-to-equity ratio of 11.10, a quick ratio of 2.42 and a current ratio of 2.42.

Sinclair (NASDAQ:SBGI - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.96. Sinclair had a net margin of 2.00% and a negative return on equity of 12.62%. The business had revenue of $807.00 million for the quarter, compared to analyst estimates of $792.63 million. During the same period in the prior year, the company posted ($2.30) EPS. The company's revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities analysts predict that Sinclair, Inc. will post 1.68 earnings per share for the current fiscal year.

Sinclair Profile

Sinclair Broadcast Group, Inc NASDAQ: SBGI is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.