Sinclair (NASDAQ:SBGI) Director Robert Smith Sells 150,000 Shares of Stock

Key Points

• Director Robert Smith sold 150,000 Sinclair shares for about $2.05 million at an average price of $13.64, reducing his direct holdings by 75% to 50,000 shares.
• Sinclair reported quarterly earnings of $0.60 per share, beating the $0.27 analyst 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 $1.00 annually and a stated yield of 6.6%; analysts’ consensus rating was Hold.

Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) Director Robert Smith sold 150,000 shares of the business's stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $13.64, for a total value of $2,046,000.00. Following the sale, the director directly owned 50,000 shares in the company, valued at $682,000. This trade represents a 75.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Sinclair Price Performance

NASDAQ SBGI traded up $0.88 during mid-day trading on Tuesday, hitting $15.11. The stock had a trading volume of 1,492,497 shares, compared to its average volume of 708,818. Sinclair, Inc. has a 52-week low of $11.83 and a 52-week high of $17.88. The company has a 50 day simple moving average of $13.17 and a 200 day simple moving average of $14.03. 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 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.33. The company had revenue of $893.00 million for the quarter, compared to the consensus estimate of $874.21 million. Sinclair had a negative return on equity of 4.00% and a net margin of 2.84%. Sinclair's quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.02) earnings per share. On average, equities research analysts predict that Sinclair, Inc. will post 1.35 EPS for the current year.

Sinclair Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a $0.25 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $1.00 annualized dividend and a dividend yield of 6.6%. Sinclair's payout ratio is currently 72.99%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its stake in shares of Sinclair by 216.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 104,042 shares of the company's stock worth $1,320,000 after purchasing an additional 71,134 shares during the last quarter. Jacobi Capital Management LLC purchased a new stake in shares of Sinclair during the third quarter worth about $37,000. Capital Management Corp VA raised its position in shares of Sinclair by 2.1% in the third 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 during the last quarter. Blueprint Investment Partners LLC acquired a new position in shares of Sinclair in the third quarter valued at approximately $257,000. Finally, Blueprint Financial Advisors LLC acquired a new position in shares of Sinclair in the third quarter valued at approximately $257,000. 41.71% of the stock is currently owned by hedge funds and other institutional investors.

Sinclair Company Profile

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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