Guggenheim Issues Positive Forecast for Sinclair (NASDAQ:SBGI) Stock Price

Sinclair (NASDAQ:SBGI) had its price objective lifted by research analysts at Guggenheim from $18.00 to $19.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 15.15% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Benchmark raised their target price on shares of Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Rosenblatt Securities raised their target price on shares of Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Wells Fargo & Company raised shares of Sinclair from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $13.00 to $19.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on shares of Sinclair from $14.00 to $16.00 and gave the company an “underweight” rating in a research report on Tuesday, November 12th. Finally, StockNews.com raised shares of Sinclair from a “sell” rating to a “hold” rating in a research report on Saturday, September 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.10.

Sinclair Stock Performance

Shares of SBGI opened at $16.50 on Tuesday. The company has a 50-day simple moving average of $15.98 and a 200-day simple moving average of $14.36. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73. The company has a market capitalization of $1.10 billion, a PE ratio of -5.00, a P/E/G ratio of 0.14 and a beta of 1.53. Sinclair has a 52-week low of $11.13 and a 52-week high of $18.20.

Sinclair (NASDAQ:SBGI) last posted its earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.54. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The firm had revenue of $917.00 million during the quarter, compared to the consensus estimate of $923.02 million. During the same period last year, the firm posted ($0.30) EPS. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. Equities research analysts predict that Sinclair will post 4.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sinclair

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its holdings in shares of Sinclair by 378.1% during the third quarter. Barclays PLC now owns 54,229 shares of the company’s stock valued at $831,000 after acquiring an additional 42,887 shares during the period. Geode Capital Management LLC grew its position in shares of Sinclair by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 826,949 shares of the company’s stock worth $12,655,000 after buying an additional 15,263 shares during the period. Point72 DIFC Ltd acquired a new position in shares of Sinclair during the 3rd quarter worth about $91,000. Point72 Asset Management L.P. acquired a new position in shares of Sinclair during the 3rd quarter worth about $2,110,000. Finally, Parallax Volatility Advisers L.P. grew its position in shares of Sinclair by 38.9% during the 3rd quarter. Parallax Volatility Advisers L.P. now owns 52,472 shares of the company’s stock worth $803,000 after buying an additional 14,683 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

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.