JPMorgan Chase & Co. Cuts Sinclair (NASDAQ:SBGI) Price Target to $13.00

Sinclair (NASDAQ:SBGI - Free Report) had its target price cut by JPMorgan Chase & Co. from $14.00 to $13.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an underweight rating on the stock.

SBGI has been the topic of several other research reports. Wells Fargo & Company lowered their target price on Sinclair from $19.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 27th. Guggenheim reissued a "buy" rating on shares of Sinclair in a research note on Thursday, May 15th. Wall Street Zen cut Sinclair from a "hold" rating to a "sell" rating in a research note on Monday, May 12th. Finally, Benchmark lowered their price target on Sinclair from $30.00 to $29.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $18.50.

Sinclair Trading Up 0.7%

NASDAQ SBGI traded up $0.10 on Wednesday, hitting $14.13. 340,333 shares of the company were exchanged, compared to its average volume of 351,242. The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91. Sinclair has a twelve month low of $11.13 and a twelve month high of $18.46. The company's 50 day moving average price is $14.92 and its 200-day moving average price is $15.46. The firm has a market capitalization of $983.05 million, a P/E ratio of -4.28 and a beta of 1.36.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($2.18) earnings per share for the quarter, missing the consensus estimate of ($1.78) by ($0.40). Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The business had revenue of $776.00 million for the quarter, compared to analysts' expectations of $774.79 million. During the same period last year, the firm earned $0.35 EPS. The company's revenue was down 2.8% compared to the same quarter last year. Analysts predict that Sinclair will post 4.24 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, May 30th. This represents a $1.00 dividend on an annualized basis and a yield of 7.08%. Sinclair's payout ratio is currently 49.75%.

Insiders Place Their Bets

In related news, Chairman David D. Smith bought 38,410 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $14.01 per share, with a total value of $538,124.10. Following the completion of the transaction, the chairman now directly owns 645,564 shares of the company's stock, valued at $9,044,351.64. This trade represents a 6.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders purchased 458,530 shares of company stock valued at $6,636,392 over the last 90 days. 41.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sinclair

Large investors have recently added to or reduced their stakes in the stock. Kendall Capital Management bought a new stake in Sinclair during the fourth quarter worth approximately $280,000. Vanguard Group Inc. lifted its holdings in shares of Sinclair by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 3,714,036 shares of the company's stock worth $59,945,000 after buying an additional 64,683 shares during the last quarter. Carronade Capital Management LP lifted its holdings in shares of Sinclair by 418.1% during the fourth quarter. Carronade Capital Management LP now owns 440,419 shares of the company's stock worth $7,108,000 after buying an additional 355,419 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Sinclair during the fourth quarter worth approximately $451,000. Finally, Rhumbline Advisers lifted its holdings in shares of Sinclair by 56.3% during the fourth quarter. Rhumbline Advisers now owns 86,072 shares of the company's stock worth $1,389,000 after buying an additional 31,015 shares during the last quarter. Institutional investors own 41.71% of the company's stock.

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.