Rhumbline Advisers Sells 36,102 Shares of Sinclair, Inc. $SBGI

Key Points

• Rhumbline Advisers reduced its stake in Sinclair, Inc. by 41.9%, selling 36,102 shares and holding 49,970 shares valued at $796,000 as of the end of the first quarter.
• Sinclair reported a quarterly net loss of ($0.91) EPS, missing estimates, with revenue of $784 million, down 5.4% year-over-year.
• The company announced a quarterly dividend of $0.25 per share, providing a 7.1% yield, despite a payout ratio of 120.48%.

Rhumbline Advisers reduced its holdings in Sinclair, Inc. (NASDAQ:SBGI - Free Report) by 41.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,970 shares of the company's stock after selling 36,102 shares during the period. Rhumbline Advisers owned about 0.07% of Sinclair worth $796,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in 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 buying an additional 282,400 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in Sinclair in the fourth quarter valued at $395,000. Gamco Investors INC. ET AL grew its holdings in Sinclair by 1.0% in the first quarter. Gamco Investors INC. ET AL now owns 3,740,387 shares of the company's stock valued at $59,584,000 after purchasing an additional 36,105 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Sinclair by 1,804.4% during the first quarter. GAMMA Investing LLC now owns 55,150 shares of the company's stock valued at $879,000 after acquiring an additional 52,254 shares during the last quarter. Finally, Algert Global LLC purchased a new position in Sinclair during the first quarter worth about $1,608,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

Sinclair Price Performance

Shares of NASDAQ:SBGI traded up $0.10 during trading on Monday, hitting $14.23. 412,130 shares of the company were exchanged, compared to its average volume of 453,065. Sinclair, Inc. has a 1-year low of $11.89 and a 1-year high of $18.45. The business's 50 day moving average is $14.20 and its 200-day moving average is $14.41. The company has a market capitalization of $991.12 million, a P/E ratio of 17.14 and a beta of 1.31. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 13.93.

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

Sinclair Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were given a dividend of $0.25 per share. The ex-dividend date was Friday, August 29th. This represents a $1.00 dividend on an annualized basis and a yield of 7.0%. Sinclair's dividend payout ratio (DPR) is presently 120.48%.

Analyst Ratings Changes

A number of brokerages have weighed in on SBGI. Benchmark lowered their price objective on Sinclair from $29.00 to $27.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price target on Sinclair from $17.00 to $16.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Guggenheim decreased their target price on Sinclair from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, August 14th. Finally, Zacks Research upgraded Sinclair to a "hold" rating in a research report on Thursday, August 21st. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Sinclair has an average rating of "Hold" and a consensus price target of $18.75.

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.