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

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 dropped by stock 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 suggest a potential upside of 27.39% from the company's previous close.

A number of other equities research analysts have also recently commented on SBGI. Benchmark decreased their target price on shares of Sinclair from $29.00 to $27.00 and set a "buy" rating on the stock in a research note on Thursday. Guggenheim reaffirmed a "buy" rating on shares of Sinclair in a report on Thursday, May 15th. Wall Street Zen lowered shares of Sinclair from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Sinclair from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Wednesday, May 21st. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $17.90.

Sinclair Stock Performance

Shares of NASDAQ:SBGI traded up $0.63 during trading on Thursday, hitting $12.56. The company's stock had a trading volume of 994,695 shares, compared to its average volume of 401,145. The company has a 50-day moving average of $14.05 and a 200-day moving average of $14.52. Sinclair has a 12 month low of $11.89 and a 12 month high of $18.45. The company has a debt-to-equity ratio of 11.32, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market cap of $873.82 million, a price-to-earnings ratio of 15.13 and a beta of 1.28.

Sinclair (NASDAQ:SBGI - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.91) EPS for the quarter, missing analysts' consensus estimates of ($0.72) by ($0.19). Sinclair had a return on equity of 11.61% and a net margin of 1.44%. The firm had revenue of $784.00 million for the quarter, compared to the consensus estimate of $798.16 million. During the same quarter in the previous year, the business posted $0.27 EPS. Sinclair's revenue was down 5.4% on a year-over-year basis. On average, sell-side analysts expect that Sinclair will post 4.24 earnings per share for the current year.

Institutional Inflows and Outflows

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

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.