Insider Selling: Sinclair (NASDAQ:SBGI) EVP Sells $401,840.04 in Stock

Key Points

• Sinclair EVP David Gibber sold 29,246 shares at an average price of $13.74, totaling $401,840.04. The sale reduced his direct ownership by 13.7% to 184,244 shares.
• Sinclair reported a quarterly loss of $1.06 per share, significantly missing the $0.24 loss expected by analysts, despite revenue rising 7.1% year over year to $840 million.
• The company declared a quarterly dividend of $0.25, equivalent to a 7.2% annualized yield, while analysts’ consensus rating remains “Reduce” with a $19.20 target price.

Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) EVP David Gibber sold 29,246 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $13.74, for a total transaction of $401,840.04. Following the transaction, the executive vice president directly owned 184,244 shares in the company, valued at approximately $2,531,512.56. The trade was a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Sinclair Price Performance

Shares of SBGI stock traded up $0.21 on Wednesday, reaching $13.88. 344,517 shares of the company were exchanged, compared to its average volume of 570,060. Sinclair, Inc. has a 1 year low of $12.46 and a 1 year high of $17.88. The company has a debt-to-equity ratio of 13.28, a quick ratio of 1.94 and a current ratio of 1.94. The business has a 50-day moving average price of $14.06 and a 200 day moving average price of $14.31. The company has a market cap of $1.00 billion, a price-to-earnings ratio of 18.51 and a beta of 1.06.

Sinclair (NASDAQ:SBGI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.82). The firm had revenue of $840.00 million during the quarter, compared to analyst estimates of $838.99 million. Sinclair had a negative return on equity of 16.09% and a net margin of 1.60%.The company's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.91) earnings per share. Equities research analysts forecast that Sinclair, Inc. will post 1.48 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a $0.25 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.00 dividend on an annualized basis and a yield of 7.2%. Sinclair's dividend payout ratio (DPR) is presently 133.33%.

Institutional Investors Weigh In On Sinclair

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. increased its position in shares of Sinclair by 142.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company's stock worth $25,000 after purchasing an additional 1,065 shares during the last quarter. Hilton Head Capital Partners LLC acquired a new stake in shares of Sinclair during the fourth quarter valued at about $32,000. Tower Research Capital LLC TRC raised its stake in shares of Sinclair by 175.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company's stock valued at $41,000 after acquiring an additional 1,882 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of Sinclair in the 3rd quarter worth approximately $48,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Sinclair during the 2nd quarter worth approximately $54,000. Hedge funds and other institutional investors own 41.71% of the company's stock.

Analyst Upgrades and Downgrades

SBGI has been the subject of a number of research reports. Wall Street Zen lowered shares of Sinclair from a "buy" rating to a "hold" rating in a report on Saturday. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of Sinclair in a research report on Wednesday, April 15th. Weiss Ratings lowered shares of Sinclair from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday. Zacks Research lowered Sinclair from a "hold" rating to a "strong sell" rating in a research report on Monday. Finally, Guggenheim reduced their price objective on Sinclair from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $19.20.

About Sinclair

Sinclair Broadcast Group, Inc NASDAQ: SBGI is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.

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