Guggenheim Lowers Sinclair (NASDAQ:SBGI) Price Target to $19.00

Key Points

• Guggenheim has lowered its price target for Sinclair (NASDAQ: SBGI) from $20.00 to $19.00, maintaining a "buy" rating, which implies a potential upside of 31.17% from the current price.
• Other research firms have also adjusted their targets, with Wells Fargo cutting its price from $17.00 to $16.00 and JPMorgan reducing their target from $14.00 to $13.00, indicating a mixed outlook from various analysts.
• Sinclair's recent earnings report showed a loss of ($0.91) per share, missing estimates and reflecting a 5.4% decline in revenue compared to the same period last year.

Sinclair (NASDAQ:SBGI - Get Free Report) had its target price cut by analysts at Guggenheim from $20.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's price target would suggest a potential upside of 40.74% from the company's previous close.

SBGI has been the subject of several other reports. JPMorgan Chase & Co. cut their price target on shares of Sinclair from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Wednesday, May 21st. Wells Fargo & Company decreased their price objective on Sinclair from $17.00 to $16.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Wall Street Zen cut shares of Sinclair from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Finally, Benchmark reduced their target price on Sinclair from $29.00 to $27.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Sinclair presently has a consensus rating of "Hold" and a consensus target price of $18.30.

Sinclair Stock Performance

NASDAQ:SBGI traded down $0.26 during mid-day trading on Thursday, hitting $13.50. The stock had a trading volume of 227,349 shares, compared to its average volume of 421,391. The company has a 50 day simple moving average of $14.16 and a 200-day simple moving average of $14.49. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 13.93. The stock has a market capitalization of $940.28 million, a price-to-earnings ratio of 16.23 and a beta of 1.28. Sinclair has a 52 week low of $11.89 and a 52 week high of $18.45.

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

Institutional Trading of Sinclair

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Carronade Capital Management LP increased its position in Sinclair by 418.1% during the fourth quarter. Carronade Capital Management LP now owns 440,419 shares of the company's stock valued at $7,108,000 after acquiring an additional 355,419 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Sinclair by 65.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 717,007 shares of the company's stock worth $11,422,000 after purchasing an additional 282,400 shares during the period. Gamco Investors INC. ET AL raised its position in Sinclair by 5.4% in the 2nd quarter. Gamco Investors INC. ET AL now owns 3,940,802 shares of the company's stock worth $54,462,000 after purchasing an additional 200,415 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Sinclair in the second quarter worth approximately $2,292,000. Finally, Geode Capital Management LLC boosted its holdings in Sinclair by 15.3% during the 2nd quarter. Geode Capital Management LLC now owns 971,689 shares of the company's stock valued at $13,431,000 after acquiring an additional 129,277 shares during the period. 41.71% of the stock is owned by hedge funds and other institutional investors.

About Sinclair

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.