Sinclair (NASDAQ:SBGI) Given New $19.00 Price Target at Guggenheim

Key Points

• Guggenheim cut its Sinclair price target to $19.00 from $20.00 but kept a "buy" rating, implying about a 29.3% upside from the current share price.
• Analyst views are mixed—two Buy, two Hold and two Sell—leaving a MarketBeat consensus rating of Hold and a consensus price target of $19.20.
• Sinclair posted a quarterly surprise with EPS of $0.28 versus estimates of -$0.68 and revenue of $807 million, and analysts forecast about 1.1 EPS for the current year.

Sinclair (NASDAQ:SBGI - Get Free Report) had its price objective dropped by research analysts at Guggenheim from $20.00 to $19.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price objective indicates a potential upside of 29.26% from the company's current price.

Several other equities research analysts have also recently issued reports on the stock. Weiss Ratings cut shares of Sinclair from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, March 2nd. Wall Street Zen raised shares of Sinclair from a "sell" rating to a "hold" rating in a research report on Sunday, February 22nd. Benchmark increased their price target on shares of Sinclair from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of Sinclair in a report on Wednesday, April 15th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Sinclair from $15.00 to $14.00 and set an "underweight" rating for the company in a research note on Wednesday, April 1st. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $19.20.

Sinclair Stock Performance

NASDAQ SBGI opened at $14.70 on Tuesday. The business's 50-day moving average price is $14.58 and its 200 day moving average price is $14.82. Sinclair has a twelve month low of $11.89 and a twelve month high of $17.88. The company has a market capitalization of $1.05 billion, a PE ratio of 16.25 and a beta of 1.09. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 11.78.

Sinclair (NASDAQ:SBGI - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.96. Sinclair had a negative return on equity of 13.42% and a net margin of 2.00%.The firm had revenue of $807.00 million for the quarter, compared to analyst estimates of $792.63 million. During the same period last year, the company earned ($2.30) EPS. The firm's quarterly revenue was up 4.0% on a year-over-year basis. On average, research analysts predict that Sinclair will post 1.1 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Daniel C. Keith sold 22,613 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $13.10, for a total transaction of $296,230.30. Following the completion of the sale, the director owned 25,027 shares of the company's stock, valued at approximately $327,853.70. This represents a 47.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Robert Weisbord sold 3,672 shares of Sinclair stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $13.97, for a total transaction of $51,297.84. Following the transaction, the chief operating officer directly owned 280,853 shares in the company, valued at approximately $3,923,516.41. This trade represents a 1.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 55,672 shares of company stock valued at $758,498. Corporate insiders own 46.60% of the company's stock.

Institutional Trading of Sinclair

A number of institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Sinclair by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,082 shares of the company's stock valued at $304,000 after purchasing an additional 780 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Sinclair by 5.4% during the fourth quarter. Royal Bank of Canada now owns 17,001 shares of the company's stock worth $261,000 after purchasing an additional 869 shares in the last quarter. Kendall Capital Management lifted its stake in shares of Sinclair by 3.8% during the third quarter. Kendall Capital Management now owns 26,495 shares of the company's stock worth $400,000 after purchasing an additional 965 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Sinclair by 142.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company's stock worth $25,000 after buying an additional 1,065 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Sinclair by 2.2% in the fourth quarter. Russell Investments Group Ltd. now owns 57,724 shares of the company's stock worth $883,000 after buying an additional 1,259 shares during the period. 41.71% of the stock is owned by hedge funds and other institutional investors.

About Sinclair

Sinclair Broadcast Group, Inc NASDAQ: SBGI is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.

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