Sinclair (NASDAQ:SBGI – Get Free Report)‘s stock had its “buy” rating reiterated by stock analysts at Benchmark in a note issued to investors on Tuesday,Benzinga reports. They presently have a $30.00 price objective on the stock. Benchmark’s price target would indicate a potential upside of 104.92% from the stock’s previous close.
Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company raised shares of Sinclair from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $13.00 to $19.00 in a report on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective 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, Guggenheim upped their target price on shares of Sinclair from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Sinclair presently has a consensus rating of “Hold” and an average price target of $20.10.
Check Out Our Latest Stock Analysis on SBGI
Sinclair Stock Performance
Sinclair (NASDAQ:SBGI – Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.54. The business had revenue of $917.00 million for the quarter, compared to analysts’ expectations of $923.02 million. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period last year, the firm posted ($0.30) earnings per share. As a group, equities research analysts expect that Sinclair will post 4.24 earnings per share for the current year.
Hedge Funds Weigh In On Sinclair
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. bought a new stake in Sinclair in the third quarter worth $2,110,000. Segall Bryant & Hamill LLC bought a new stake in shares of Sinclair in the 3rd quarter worth about $1,605,000. Verition Fund Management LLC purchased a new stake in shares of Sinclair during the 3rd quarter valued at about $822,000. San Luis Wealth Advisors LLC bought a new position in shares of Sinclair in the 4th quarter valued at about $791,000. Finally, Barclays PLC grew its position in Sinclair by 378.1% in the third quarter. Barclays PLC now owns 54,229 shares of the company’s stock worth $831,000 after acquiring an additional 42,887 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.
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