Millennium Management LLC Has $1.17 Million Stock Holdings in Sinclair, Inc. (NASDAQ:SBGI)

Millennium Management LLC cut its holdings in Sinclair, Inc. (NASDAQ:SBGI - Free Report) by 67.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 72,227 shares of the company's stock after selling 147,535 shares during the quarter. Millennium Management LLC owned about 0.11% of Sinclair worth $1,166,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SBGI. Carronade Capital Management LP grew its position in shares of Sinclair by 418.1% in the 4th quarter. Carronade Capital Management LP now owns 440,419 shares of the company's stock valued at $7,108,000 after purchasing an additional 355,419 shares during the period. Trexquant Investment LP acquired a new position in shares of Sinclair in the 4th quarter valued at approximately $1,688,000. Empyrean Capital Partners LP grew its position in shares of Sinclair by 8.0% in the 4th quarter. Empyrean Capital Partners LP now owns 1,144,493 shares of the company's stock valued at $18,472,000 after purchasing an additional 84,493 shares during the period. Vanguard Group Inc. grew its position in shares of Sinclair by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 3,714,036 shares of the company's stock valued at $59,945,000 after purchasing an additional 64,683 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Sinclair in the 4th quarter valued at approximately $940,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Sinclair

In other news, Chairman David D. Smith bought 17,902 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was acquired at an average cost of $16.45 per share, with a total value of $294,487.90. Following the completion of the purchase, the chairman now owns 1,082,771 shares of the company's stock, valued at $17,811,582.95. This represents a 1.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders bought 389,824 shares of company stock valued at $5,671,397. 41.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SBGI has been the subject of a number of recent research reports. Guggenheim reaffirmed a "buy" rating on shares of Sinclair in a research report on Thursday, May 15th. Wells Fargo & Company reduced their price target on Sinclair from $19.00 to $17.00 and set an "equal weight" rating for the company in a research report on Thursday, February 27th. JPMorgan Chase & Co. reduced their price target on Sinclair from $14.00 to $13.00 and set an "underweight" rating for the company in a research report on Wednesday, May 21st. Wall Street Zen downgraded Sinclair from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. Finally, Benchmark reduced their price target on Sinclair from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $18.50.

Sinclair Stock Up 2.7%

Shares of NASDAQ:SBGI traded up $0.34 during midday trading on Friday, hitting $13.17. The stock had a trading volume of 373,591 shares, compared to its average volume of 355,842. Sinclair, Inc. has a 12 month low of $11.13 and a 12 month high of $18.46. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73. The business's 50-day simple moving average is $14.41 and its 200-day simple moving average is $15.30. The company has a market cap of $916.26 million, a P/E ratio of -3.99 and a beta of 1.32.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($2.18) earnings per share for the quarter, missing the consensus estimate of ($1.78) by ($0.40). Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The firm had revenue of $776.00 million during the quarter, compared to the consensus estimate of $774.79 million. During the same period in the prior year, the business posted $0.35 earnings per share. Sinclair's quarterly revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts forecast that Sinclair, Inc. will post 4.24 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a $0.25 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.00 annualized dividend and a dividend yield of 7.59%. Sinclair's dividend payout ratio is presently 49.75%.

Sinclair Company 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.