Sinclair (NASDAQ:SBGI) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Shares of Sinclair, Inc. (NASDAQ:SBGI - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.73 and traded as high as $15.70. Sinclair shares last traded at $15.46, with a volume of 492,749 shares.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SBGI. Benchmark lowered their target price on Sinclair from $30.00 to $29.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Wall Street Zen cut Sinclair from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Guggenheim reiterated a "buy" rating on shares of Sinclair in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. decreased their price objective on Sinclair from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $18.50.

Sinclair Price Performance

The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of 7.51 and a beta of 1.30. The company's 50 day moving average is $14.23 and its 200-day moving average is $14.71. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 11.32.

Sinclair (NASDAQ:SBGI - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($2.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.78) by ($0.40). Sinclair had a net margin of 3.72% and a return on equity of 34.15%. The firm had revenue of $776.00 million during the quarter, compared to analyst estimates of $774.79 million. During the same quarter last year, the business posted $0.35 earnings per share. The company's revenue for the quarter was down 2.8% on a year-over-year basis. Equities research analysts anticipate that Sinclair, Inc. will post 4.24 earnings per share for the current year.

Sinclair Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.00 annualized dividend and a yield of 6.63%. Sinclair's dividend payout ratio (DPR) is currently 49.75%.

Institutional Investors Weigh In On Sinclair

Several hedge funds have recently bought and sold shares of SBGI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sinclair by 4.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,302 shares of the company's stock worth $295,000 after acquiring an additional 760 shares during the last quarter. Hsbc Holdings PLC increased its stake in 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 during the last quarter. Cetera Investment Advisers increased its stake in Sinclair by 7.8% in the first quarter. Cetera Investment Advisers now owns 14,525 shares of the company's stock valued at $231,000 after acquiring an additional 1,050 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Sinclair by 5.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,500 shares of the company's stock valued at $590,000 after acquiring an additional 2,035 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in Sinclair by 71.5% in the first quarter. Harbor Capital Advisors Inc. now owns 4,937 shares of the company's stock valued at $79,000 after acquiring an additional 2,058 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

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.