Wells Fargo & Company Lowers Sinclair (NASDAQ:SBGI) Price Target to $16.00

Key Points

• Wells Fargo & Company has lowered its target price for Sinclair (NASDAQ:SBGI) from $17.00 to $16.00, maintaining an "equal weight" rating on the stock.
• Other analysts have also reduced their target prices, with JPMorgan Chase & Co. cutting theirs from $14.00 to $13.00, while Benchmark lowered theirs from $29.00 to $27.00.
• Sinclair reported a loss of ($0.91) earnings per share for the last quarter, which was below the analysts' expectations of ($0.72).

Sinclair (NASDAQ:SBGI - Get Free Report) had its target price decreased by analysts at Wells Fargo & Company from $17.00 to $16.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 26.90% from the company's previous close.

Several other research analysts have also recently issued reports on SBGI. JPMorgan Chase & Co. cut their target price on shares of Sinclair from $14.00 to $13.00 and set an "underweight" rating on the stock in a report on Wednesday, May 21st. Benchmark reduced their target price on Sinclair from $29.00 to $27.00 and set a "buy" rating on the stock in a report on Thursday. Wall Street Zen downgraded Sinclair from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Finally, Guggenheim restated a "buy" rating on shares of Sinclair in a research note on Thursday, May 15th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $17.90.

Sinclair Price Performance

Shares of SBGI traded down $1.52 during midday trading on Thursday, reaching $12.61. The stock had a trading volume of 648,154 shares, compared to its average volume of 386,240. The company's 50-day moving average is $14.14 and its 200 day moving average is $14.56. Sinclair has a 12-month low of $12.20 and a 12-month high of $18.45. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 11.32. The company has a market capitalization of $877.14 million, a price-to-earnings ratio of 6.23 and a beta of 1.28.

Sinclair (NASDAQ:SBGI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.72) by ($0.19). Sinclair had a return on equity of 34.15% and a net margin of 3.72%. The firm had revenue of $784.00 million during the quarter, compared to analysts' expectations of $798.16 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. Sinclair's revenue for the quarter was down 5.4% compared to the same quarter last year. On average, equities analysts predict that Sinclair will post 4.24 EPS for the current fiscal year.

Institutional Trading of Sinclair

Several institutional investors have recently added to or reduced their stakes in SBGI. American Century Companies Inc. raised its stake in shares of Sinclair by 15.9% during the fourth quarter. American Century Companies Inc. now owns 73,008 shares of the company's stock valued at $1,178,000 after acquiring an additional 10,018 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Sinclair in the fourth quarter worth $123,000. LPL Financial LLC grew its holdings in shares of Sinclair by 10.8% during the fourth quarter. LPL Financial LLC now owns 95,260 shares of the company's stock valued at $1,538,000 after buying an additional 9,295 shares during the last quarter. Vanguard Group Inc. lifted its position in Sinclair by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 3,714,036 shares of the company's stock valued at $59,945,000 after purchasing an additional 64,683 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Sinclair by 188.0% in the fourth quarter. JPMorgan Chase & Co. now owns 80,206 shares of the company's stock worth $1,295,000 after acquiring an additional 52,355 shares during the period. Institutional investors own 41.71% of the company's stock.

Sinclair Company Profile

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.