Cubist Systematic Strategies LLC Sells 33,611 Shares of Sinclair, Inc. $SBGI

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Sinclair, Inc. by 47.2% during Q1, holding 37,593 shares worth approximately $599,000 after selling 33,611 shares.
• Diverse large investors, including Charles Schwab Investment Management and Gamco Investors, have increased their positions in Sinclair, indicating institutional interest with 41.71% of shares owned by these entities.
• Sinclair reported a quarterly EPS of ($0.91), missing estimates, and announced a quarterly dividend of $0.25, reflecting a 7.5% annualized yield.

Cubist Systematic Strategies LLC trimmed its holdings in Sinclair, Inc. (NASDAQ:SBGI - Free Report) by 47.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,593 shares of the company's stock after selling 33,611 shares during the quarter. Cubist Systematic Strategies LLC owned 0.06% of Sinclair worth $599,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of SBGI. Gamco Investors INC. ET AL raised its stake in Sinclair by 1.0% during the first quarter. Gamco Investors INC. ET AL now owns 3,740,387 shares of the company's stock worth $59,584,000 after acquiring an additional 36,105 shares in the last quarter. Gabelli Funds LLC grew its position in shares of Sinclair by 0.4% in the 1st quarter. Gabelli Funds LLC now owns 1,153,354 shares of the company's stock valued at $18,373,000 after purchasing an additional 4,854 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Sinclair by 65.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 717,007 shares of the company's stock valued at $11,422,000 after purchasing an additional 282,400 shares during the period. Northern Trust Corp boosted its position in Sinclair by 10.1% during the 4th quarter. Northern Trust Corp now owns 374,783 shares of the company's stock worth $6,049,000 after acquiring an additional 34,423 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in Sinclair by 52.9% during the 4th quarter. Point72 Asset Management L.P. now owns 210,939 shares of the company's stock worth $3,405,000 after acquiring an additional 73,006 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Sinclair Stock Down 0.9%

SBGI stock opened at $13.40 on Thursday. The company has a debt-to-equity ratio of 13.93, a quick ratio of 1.89 and a current ratio of 1.89. The company has a market capitalization of $933.31 million, a price-to-earnings ratio of 16.14 and a beta of 1.31. Sinclair, Inc. has a fifty-two week low of $11.89 and a fifty-two week high of $18.45. The stock has a fifty day moving average of $14.35 and a 200-day moving average of $14.42.

Sinclair (NASDAQ:SBGI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.19). The firm had revenue of $784.00 million for 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 was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS. As a group, equities research analysts predict that Sinclair, Inc. will post 4.24 earnings per share 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 issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.00 dividend on an annualized basis and a yield of 7.5%. Sinclair's dividend payout ratio is 120.48%.

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.

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