Sinclair (NASDAQ:SBGI) Price Target Raised to $15.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Sinclair’s price target from $14 to $15 but maintained an “underweight” rating, implying roughly 3.95% upside from the $14.43 share price.
• Analyst sentiment remains cautious: Sinclair has an average “Reduce” rating and a consensus price target of $19.40, with two Buy, one Hold and three Sell ratings.
• Sinclair’s latest quarterly results missed earnings expectations, reporting a $1.06 loss per share versus a projected $0.24 loss, although revenue rose 7.1% year over year to $840 million.

Sinclair (NASDAQ:SBGI - Get Free Report) had its price objective increased by investment analysts at JPMorgan Chase & Co. from $14.00 to $15.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 3.95% from the stock's current price.

Other equities research analysts also recently issued reports about the stock. Guggenheim cut their target price on shares of Sinclair from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Tuesday, May 5th. Wells Fargo & Company dropped their price target on shares of Sinclair from $17.00 to $16.00 and set an "equal weight" rating for the company in a research note on Friday, May 1st. Zacks Research lowered shares of Sinclair from a "hold" rating to a "strong sell" rating in a report on Monday, August 10th. Wall Street Zen cut shares of Sinclair from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings downgraded Sinclair from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $19.40.

Sinclair Price Performance

Shares of NASDAQ SBGI traded up $0.08 during midday trading on Friday, reaching $14.43. 100,763 shares of the company were exchanged, compared to its average volume of 473,777. The stock's 50-day moving average price is $14.10 and its 200-day moving average price is $14.30. The stock has a market cap of $1.04 billion, a P/E ratio of 19.24 and a beta of 1.06. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 13.28. Sinclair has a one year low of $12.46 and a one year high of $17.88.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.82). Sinclair had a net margin of 1.60% and a negative return on equity of 16.09%. The firm had revenue of $840.00 million for the quarter, compared to analyst estimates of $838.99 million. During the same period last year, the business earned ($0.91) EPS. The company's revenue was up 7.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Sinclair will post 1.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Sinclair

In other news, EVP David B. Gibber sold 29,246 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $13.74, for a total transaction of $401,840.04. Following the transaction, the executive vice president owned 184,244 shares of the company's stock, valued at $2,531,512.56. This represents a 13.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel C. Keith sold 17,000 shares of the business's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $15.02, for a total value of $255,340.00. Following the completion of the sale, the director directly owned 25,122 shares of the company's stock, valued at $377,332.44. The trade was a 40.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 42.10% of the company's stock.

Institutional Trading of Sinclair

Hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC raised its holdings in shares of Sinclair by 5.7% in the 1st quarter. AQR Capital Management LLC now owns 41,993 shares of the company's stock worth $656,000 after acquiring an additional 2,258 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Sinclair by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,082 shares of the company's stock worth $304,000 after purchasing an additional 780 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Sinclair by 134.7% during the 1st quarter. Acadian Asset Management LLC now owns 11,525 shares of the company's stock valued at $182,000 after buying an additional 6,615 shares during the last quarter. Cetera Investment Advisers lifted its holdings in Sinclair by 17.7% during the second quarter. Cetera Investment Advisers now owns 17,097 shares of the company's stock valued at $236,000 after purchasing an additional 2,572 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Sinclair by 5.1% in the second quarter. JPMorgan Chase & Co. now owns 31,075 shares of the company's stock worth $429,000 after purchasing an additional 1,511 shares in the last quarter. Institutional investors own 41.71% of the company's stock.

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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