Sinclair (NASDAQ:SBGI) Rating Lowered to "Strong Sell" at Zacks Research

Key Points

• Sinclair's stock rating was downgraded from "hold" to "strong sell" by Zacks Research, reflecting analysts' concerns about the company's performance.
• The current consensus target price for Sinclair shares is $18.75, with a mix of ratings from analysts including two "buy," two "hold," and two "sell" ratings.
• Sinclair reported a loss of ($0.91) earnings per share in its last quarterly earnings, missing expectations by $0.19 and reflecting a 5.4% decline in year-over-year revenue.

Sinclair (NASDAQ:SBGI - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Wednesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Sinclair from $17.00 to $16.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Weiss Ratings reissued a "hold (c-)" rating on shares of Sinclair in a research report on Wednesday, October 8th. Guggenheim cut their price objective on shares of Sinclair from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, August 14th. Finally, Benchmark cut their price objective on shares of Sinclair from $29.00 to $27.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.75.

Sinclair Stock Performance

Shares of Sinclair stock opened at $12.75 on Wednesday. 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 business has a 50-day moving average price of $14.05 and a two-hundred day moving average price of $14.23. Sinclair has a 1-year low of $11.89 and a 1-year high of $18.45. The company has a market cap of $888.04 million, a P/E ratio of 15.36 and a beta of 1.31.

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

Hedge Funds Weigh In On Sinclair

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Sinclair by 65.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 717,007 shares of the company's stock valued at $11,422,000 after acquiring an additional 282,400 shares in the last quarter. Gamco Investors INC. ET AL grew its holdings in shares of Sinclair by 1.0% in the first quarter. Gamco Investors INC. ET AL now owns 3,740,387 shares of the company's stock valued at $59,584,000 after acquiring an additional 36,105 shares in the last quarter. Algert Global LLC bought a new position in shares of Sinclair in the first quarter valued at approximately $1,608,000. Hsbc Holdings PLC grew its holdings in shares of Sinclair by 8.4% in the first quarter. Hsbc Holdings PLC now owns 11,446 shares of the company's stock valued at $182,000 after acquiring an additional 884 shares in the last quarter. Finally, Inspire Advisors LLC grew its holdings in shares of Sinclair by 38.2% in the first quarter. Inspire Advisors LLC now owns 167,622 shares of the company's stock valued at $2,670,000 after acquiring an additional 46,367 shares in the last quarter. 41.71% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.