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

Sinclair (NASDAQ:SBGI - Get Free Report) had its price target cut by JPMorgan Chase & Co. from $14.00 to $13.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential downside of 10.59% from the stock's current price.

A number of other research analysts also recently issued reports on SBGI. Guggenheim reaffirmed a "buy" rating on shares of Sinclair in a report on Thursday, May 15th. Benchmark lowered their target price on shares of Sinclair from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. StockNews.com lowered shares of Sinclair from a "hold" rating to a "sell" rating in a research note on Monday, May 12th. Finally, Wells Fargo & Company lowered their price objective on shares of Sinclair from $19.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $18.50.

Sinclair Stock Down 1.2%

Shares of SBGI traded down $0.17 during mid-day trading on Wednesday, reaching $14.54. The company had a trading volume of 91,162 shares, compared to its average volume of 350,721. The company has a debt-to-equity ratio of 11.73, a quick ratio of 1.91 and a current ratio of 1.91. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -4.41 and a beta of 1.36. The firm has a 50-day moving average price of $15.00 and a 200 day moving average price of $15.53. Sinclair has a 52 week low of $11.13 and a 52 week high of $18.46.

Sinclair (NASDAQ:SBGI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($2.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.78) by ($0.40). The firm had revenue of $776.00 million during the quarter, compared to the consensus estimate of $774.79 million. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The business's revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 EPS. On average, sell-side analysts forecast that Sinclair will post 4.24 EPS for the current year.

Insiders Place Their Bets

In related news, Chairman David D. Smith acquired 63,073 shares of the stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average cost of $12.91 per share, with a total value of $814,272.43. Following the transaction, the chairman now directly owns 1,526,029 shares in the company, valued at approximately $19,701,034.39. This represents a 4.31% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have acquired 458,530 shares of company stock worth $6,636,392. Company insiders own 46.60% of the company's stock.

Hedge Funds Weigh In On Sinclair

Large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. purchased a new stake in shares of Sinclair in the fourth quarter worth $47,000. DekaBank Deutsche Girozentrale purchased a new stake in Sinclair in the 1st quarter worth $58,000. NBC Securities Inc. raised its holdings in Sinclair by 105,075.0% during the first quarter. NBC Securities Inc. now owns 4,207 shares of the company's stock valued at $67,000 after acquiring an additional 4,203 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of Sinclair by 71.5% in the first quarter. Harbor Capital Advisors Inc. now owns 4,937 shares of the company's stock valued at $79,000 after acquiring an additional 2,058 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Sinclair in the first quarter valued at about $119,000. Hedge funds and other 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.

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