Sinclair, Inc. (NASDAQ:SBGI) Shares Acquired by Carronade Capital Management LP

Carronade Capital Management LP grew its stake in Sinclair, Inc. (NASDAQ:SBGI - Free Report) by 418.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 440,419 shares of the company's stock after purchasing an additional 355,419 shares during the period. Sinclair comprises approximately 0.4% of Carronade Capital Management LP's investment portfolio, making the stock its 23rd largest holding. Carronade Capital Management LP owned 0.66% of Sinclair worth $7,108,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BNP Paribas Financial Markets purchased a new stake in shares of Sinclair during the fourth quarter worth about $881,000. Ameriprise Financial Inc. acquired a new stake in Sinclair in the 4th quarter worth about $194,000. Northern Trust Corp increased its stake in Sinclair by 10.1% during the 4th quarter. Northern Trust Corp now owns 374,783 shares of the company's stock worth $6,049,000 after buying an additional 34,423 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Sinclair during the fourth quarter valued at approximately $287,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Sinclair in the fourth quarter valued at approximately $940,000. Institutional investors and hedge funds own 41.71% of the company's stock.

Insider Buying and Selling at Sinclair

In related news, Chairman David D. Smith purchased 30,296 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were purchased at an average price of $14.09 per share, for a total transaction of $426,870.64. Following the transaction, the chairman now directly owns 728,986 shares of the company's stock, valued at approximately $10,271,412.74. The trade was a 4.34 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have acquired 458,530 shares of company stock worth $6,636,392. 46.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on SBGI shares. Guggenheim cut their price objective on shares of Sinclair from $19.00 to $17.00 and set a "buy" rating for the company in a report on Monday, March 10th. Wells Fargo & Company reduced their price objective on Sinclair from $19.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. StockNews.com lowered Sinclair from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Finally, Benchmark cut their target price on Sinclair from $30.00 to $29.00 and set a "buy" rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Sinclair currently has an average rating of "Hold" and an average target price of $19.10.

Sinclair Stock Up 2.1 %

Shares of Sinclair stock traded up $0.31 on Friday, reaching $15.25. 427,359 shares of the company were exchanged, compared to its average volume of 355,608. The stock's 50 day moving average price is $14.86 and its 200-day moving average price is $15.61. The company has a market cap of $1.01 billion, a P/E ratio of -4.62 and a beta of 1.36. Sinclair, Inc. has a 1-year low of $11.13 and a 1-year high of $18.46. 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 (NASDAQ:SBGI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($2.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.78) by ($0.40). The business had revenue of $776.00 million for the quarter, compared to analyst estimates of $774.79 million. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The company's revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 earnings per share. As a group, equities analysts forecast that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Dividend Announcement

The firm also recently disclosed 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. This represents a $1.00 annualized dividend and a yield of 6.56%. The ex-dividend date is Friday, May 30th. Sinclair's payout ratio is currently 21.46%.

Sinclair Profile

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.