Carronade Capital Management LP Raises Stock Holdings in Sinclair, Inc. (NASDAQ:SBGI)

Carronade Capital Management LP increased its holdings in Sinclair, Inc. (NASDAQ:SBGI - Free Report) by 418.1% during the fourth quarter, according to the company in its most recent 13F 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 accounts for 0.4% of Carronade Capital Management LP's holdings, making the stock its 23rd biggest holding. Carronade Capital Management LP owned 0.66% of Sinclair worth $7,108,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of Sinclair by 378.1% in the third quarter. Barclays PLC now owns 54,229 shares of the company's stock worth $831,000 after purchasing an additional 42,887 shares during the last quarter. GAMMA Investing LLC increased its stake in Sinclair by 26.9% in the 4th quarter. GAMMA Investing LLC now owns 2,896 shares of the company's stock worth $47,000 after acquiring an additional 613 shares during the last quarter. San Luis Wealth Advisors LLC purchased a new stake in shares of Sinclair during the 4th quarter worth approximately $791,000. Empowered Funds LLC grew its holdings in shares of Sinclair by 5.1% in the fourth quarter. Empowered Funds LLC now owns 243,973 shares of the company's stock valued at $3,938,000 after purchasing an additional 11,883 shares in the last quarter. Finally, Rhumbline Advisers increased its position in Sinclair by 56.3% in the fourth quarter. Rhumbline Advisers now owns 86,072 shares of the company's stock worth $1,389,000 after purchasing an additional 31,015 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors.

Sinclair Trading Up 0.9 %

Shares of NASDAQ SBGI traded up $0.14 during midday trading on Wednesday, hitting $15.68. The company's stock had a trading volume of 525,214 shares, compared to its average volume of 361,136. The business's 50 day moving average is $14.80 and its two-hundred day moving average is $15.64. Sinclair, Inc. has a 12-month low of $11.13 and a 12-month high of $18.46. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 11.73. The firm has a market cap of $1.04 billion, a P/E ratio of -4.75 and a beta of 1.36.

Sinclair (NASDAQ:SBGI - Get Free Report) last issued its earnings results on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.99 by $0.62. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $1.01 billion. As a group, equities research analysts expect that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.38%. Sinclair's payout ratio is 21.46%.

Insider Buying and Selling

In other Sinclair news, Chairman David D. Smith bought 30,296 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $14.09 per share, for a total transaction of $426,870.64. Following the acquisition, the chairman now directly owns 728,986 shares in the company, valued at approximately $10,271,412.74. The trade was a 4.34 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have bought a total of 458,530 shares of company stock valued at $6,636,392 over the last quarter. 46.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.