Sinclair (NASDAQ:SBGI) Stock: Insider Robert Smith Sells 250,000 Shares

Key Points

• Director Robert Smith sold 250,000 Sinclair shares for about $3.495 million, halving his stake; he retained 250,000 shares.
• Sinclair reported quarterly EPS of $0.60, beating the $0.27 consensus, while revenue of $893 million topped expectations and rose 15.5% year over year.
• The company announced a quarterly dividend of $0.25 per share, equivalent to a 6.9% annualized yield. Analysts’ consensus rating was Hold, with an average price target of $19.40.

Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) Director Robert Smith sold 250,000 shares of the business's stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $13.98, for a total transaction of $3,495,000.00. Following the completion of the sale, the director owned 250,000 shares in the company, valued at approximately $3,495,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Sinclair Price Performance

NASDAQ SBGI traded down $0.42 during trading hours on Thursday, reaching $14.58. The company had a trading volume of 1,214,086 shares, compared to its average volume of 792,974. The stock has a 50-day moving average of $13.21 and a 200 day moving average of $14.03. Sinclair, Inc. has a 1-year low of $11.83 and a 1-year high of $17.88. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 12.05.

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

Sinclair Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.00 dividend on an annualized basis and a yield of 6.9%. Sinclair's payout ratio is presently 72.99%.

Hedge Funds Weigh In On Sinclair

Several institutional investors have recently modified their holdings of SBGI. Advisors Asset Management Inc. acquired a new stake in shares of Sinclair in the third quarter valued at $2,256,000. Converium Capital Inc. grew its stake in Sinclair by 15.8% during the 1st quarter. Converium Capital Inc. now owns 1,062,452 shares of the company's stock worth $13,748,000 after purchasing an additional 144,674 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Sinclair by 7.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company's stock worth $21,001,000 after purchasing an additional 113,788 shares in the last quarter. Russell Investments Group Ltd. grew its stake in 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 in the last quarter. Finally, Bank of America Corp DE increased its holdings in Sinclair by 82.6% during the 1st quarter. Bank of America Corp DE now owns 86,137 shares of the company's stock worth $1,115,000 after purchasing an additional 38,962 shares during the period. Institutional investors and hedge funds own 41.71% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. JPMorgan Chase & Co. upped their price target 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 report on Tuesday, September 8th. Wall Street Zen upgraded Sinclair from a "hold" rating to a "buy" rating in a report on Saturday, November 7th. Finally, Weiss Ratings raised Sinclair from a "sell (d+)" rating to a "hold (c)" rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Sinclair currently has a consensus rating of "Hold" and an average price target of $19.40.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.