Sinclair (NASDAQ:SBGI) COO Sells 10,000 Shares of Stock

Key Points

• Sinclair COO Robert Weisbord sold 10,000 shares for $150,200 at an average price of $15.02, reducing his direct stake by 3.34% to 289,408 shares.
• Sinclair reported quarterly adjusted performance above expectations: earnings were $0.60 per share versus a $0.27 consensus, while revenue rose 15.5% year over year to $893 million.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a 6.6% annualized yield. Analysts’ consensus rating was Hold, with an average price target of $19.40.

Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) COO Robert Weisbord sold 10,000 shares of Sinclair stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $15.02, for a total value of $150,200.00. Following the sale, the chief operating officer directly owned 289,408 shares in the company, valued at $4,346,908.16. This trade represents a 3.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Sinclair Price Performance

Shares of SBGI traded up $0.56 during midday trading on Friday, hitting $15.14. 789,934 shares of the company traded hands, compared to its average volume of 505,822. The firm has a 50 day moving average of $13.21 and a 200-day moving average of $14.03. Sinclair, Inc. has a 52 week low of $11.83 and a 52 week high of $17.88. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 11.05 and a beta of 1.24. The company has a debt-to-equity ratio of 12.05, a quick ratio of 1.97 and a current ratio of 1.97.

Sinclair (NASDAQ:SBGI - Get Free Report) last posted its earnings results on Wednesday, November 4th. The company reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.33. Sinclair had a net margin of 2.84% and a negative return on equity of 4.00%. The firm had revenue of $893.00 million for the quarter, compared to the consensus estimate of $874.21 million. During the same period in the previous year, the firm posted ($0.02) EPS. The business's quarterly revenue was up 15.5% on a year-over-year basis. On average, analysts forecast that Sinclair, Inc. will post 1.35 EPS for the current fiscal year.

Sinclair Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.6%. The ex-dividend date is Tuesday, December 1st. Sinclair's dividend payout ratio (DPR) is presently 72.99%.

Institutional Trading of Sinclair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SBGI. Dimensional Fund Advisors LP lifted its position in Sinclair by 7.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company's stock worth $21,001,000 after buying an additional 113,788 shares in the last quarter. Capital Management Corp VA grew its holdings in Sinclair by 2.1% in the 3rd quarter. Capital Management Corp VA now owns 1,437,884 shares of the company's stock valued at $18,247,000 after buying an additional 28,902 shares in the last quarter. Converium Capital Inc. grew its holdings in Sinclair by 15.8% in the 1st quarter. Converium Capital Inc. now owns 1,062,452 shares of the company's stock valued at $13,748,000 after buying an additional 144,674 shares in the last quarter. Pinnacle Associates Ltd. grew its holdings in Sinclair by 4.5% in the 3rd quarter. Pinnacle Associates Ltd. now owns 774,890 shares of the company's stock valued at $9,833,000 after buying an additional 33,457 shares in the last quarter. Finally, Advisors Asset Management Inc. acquired a new stake in shares of Sinclair in the 3rd quarter worth $2,256,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SBGI. Wall Street Zen raised shares of Sinclair from a "hold" rating to a "buy" rating in a research report on Saturday, November 7th. JPMorgan Chase & Co. upped their price objective on Sinclair from $14.00 to $15.00 and gave the stock an "underweight" rating in a research note on Friday, August 21st. Zacks Research upgraded Sinclair from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 8th. Finally, Weiss Ratings raised Sinclair from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Sinclair presently has a consensus rating of "Hold" and an average target price of $19.40.

About Sinclair

Sinclair, Inc., formerly known as Sinclair Broadcast Group, is a U.S. media company focused on local television broadcasting. Its stations provide local news, sports and entertainment programming, often alongside content from major television networks. The company also operates national television brands, including Tennis Channel and the multicast networks Comet, Charge! and TBD. Its businesses include producing and distributing programming and selling advertising across its television and digital platforms.

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