Northern Trust Corp Buys 34,423 Shares of Sinclair, Inc. (NASDAQ:SBGI)

Northern Trust Corp lifted its stake in shares of Sinclair, Inc. (NASDAQ:SBGI - Free Report) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 374,783 shares of the company's stock after acquiring an additional 34,423 shares during the quarter. Northern Trust Corp owned 0.56% of Sinclair worth $6,049,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Federated Hermes Inc. purchased a new stake in shares of Sinclair during the 4th quarter worth $47,000. New York State Common Retirement Fund raised its stake in Sinclair by 29.4% in the fourth quarter. New York State Common Retirement Fund now owns 7,480 shares of the company's stock valued at $121,000 after buying an additional 1,700 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Sinclair in the fourth quarter valued at $123,000. EntryPoint Capital LLC purchased a new stake in Sinclair during the 4th quarter worth about $194,000. Finally, Aigen Investment Management LP acquired a new position in shares of Sinclair during the 4th quarter worth about $262,000. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Sinclair

In related news, Chairman David D. Smith bought 17,902 shares of the business's stock in a transaction dated Monday, March 24th. The shares were bought at an average cost of $16.45 per share, with a total value of $294,487.90. Following the completion of the transaction, the chairman now directly owns 1,082,771 shares of the company's stock, valued at approximately $17,811,582.95. This trade represents a 1.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have purchased 458,530 shares of company stock valued at $6,636,392. Company insiders own 41.90% of the company's stock.

Analyst Upgrades and Downgrades

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

Sinclair Stock Up 0.7%

NASDAQ SBGI traded up $0.10 during mid-day trading on Monday, reaching $14.13. 340,333 shares of the company's stock traded hands, compared to its average volume of 351,242. The company has a market cap of $983.05 million, a price-to-earnings ratio of -4.28 and a beta of 1.36. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 11.73. The company has a fifty day simple moving average of $14.87 and a 200-day simple moving average of $15.45. Sinclair, Inc. has a 1-year low of $11.13 and a 1-year high of $18.46.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($2.18) EPS for the quarter, missing analysts' consensus estimates of ($1.78) by ($0.40). Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The business had revenue of $776.00 million during the quarter, compared to analyst estimates of $774.79 million. During the same period in the prior year, the firm earned $0.35 EPS. The business's revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities research analysts expect that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.00 dividend on an annualized basis and a yield of 7.08%. 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.