Sinclair (NASDAQ:SBGI) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Sinclair (NASDAQ:SBGI) to a "hold" rating, adding to a mixed range of ratings from other analysts, including downgrades and target price reductions from firms like JPMorgan and Wells Fargo.
• Sinclair reported a quarterly earnings loss of ($0.91) per share, which was below the expected consensus, alongside a revenue of $784 million, a decline of 5.4% year-over-year.
• Institutional investment in Sinclair has increased significantly, with firms like Carronade Capital and GAMMA Investing making substantial purchases, now accounting for 41.71% of the company's stock ownership.

Sinclair (NASDAQ:SBGI - Get Free Report) was upgraded by research analysts at Zacks Research to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other research firms also recently weighed in on SBGI. Wall Street Zen downgraded shares of Sinclair from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. JPMorgan Chase & Co. decreased their target price on shares of Sinclair from $14.00 to $13.00 and set an "underweight" rating for the company in a research report on Wednesday, May 21st. Wells Fargo & Company decreased their target price on shares of Sinclair from $17.00 to $16.00 and set an "equal weight" rating for the company in a research report on Thursday, August 7th. Guggenheim decreased their target price on shares of Sinclair from $20.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, August 14th. Finally, Benchmark decreased their target price on shares of Sinclair from $29.00 to $27.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $18.30.

Sinclair Stock Performance

NASDAQ:SBGI opened at $14.36 on Thursday. The stock has a market cap of $1.00 billion, a P/E ratio of 17.30 and a beta of 1.28. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 13.93. The stock's 50-day moving average is $14.21 and its 200-day moving average is $14.47. Sinclair has a 1-year low of $11.89 and a 1-year high of $18.45.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.19). The firm had revenue of $784.00 million for the quarter, compared to the consensus estimate of $798.16 million. Sinclair had a return on equity of 12.51% and a net margin of 1.44%.The business's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 earnings per share. Equities research analysts anticipate that Sinclair will post 4.24 earnings per share for the current year.

Hedge Funds Weigh In On Sinclair

Institutional investors and hedge funds have recently modified their holdings of the business. D. E. Shaw & Co. Inc. bought a new position in shares of Sinclair during the 4th quarter worth approximately $395,000. Carronade Capital Management LP lifted its holdings in shares of Sinclair by 418.1% in the 4th quarter. Carronade Capital Management LP now owns 440,419 shares of the company's stock worth $7,108,000 after purchasing an additional 355,419 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Sinclair by 1,804.4% in the 1st quarter. GAMMA Investing LLC now owns 55,150 shares of the company's stock worth $879,000 after purchasing an additional 52,254 shares in the last quarter. Barclays PLC lifted its holdings in shares of Sinclair by 6.9% in the 4th quarter. Barclays PLC now owns 57,974 shares of the company's stock worth $935,000 after purchasing an additional 3,745 shares in the last quarter. Finally, Inspire Advisors LLC lifted its holdings in shares of Sinclair by 38.2% in the 1st quarter. Inspire Advisors LLC now owns 167,622 shares of the company's stock worth $2,670,000 after purchasing an additional 46,367 shares in the last quarter. 41.71% of the stock is currently owned by institutional investors.

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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