Sinclair (NASDAQ:SBGI) Shares Gap Up on Insider Buying Activity

Sinclair, Inc. (NASDAQ:SBGI)’s share price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $16.53, but opened at $16.96. Sinclair shares last traded at $16.60, with a volume of 47,879 shares.

Specifically, Chairman David D. Smith acquired 17,902 shares of Sinclair stock in a transaction dated Monday, March 24th. The shares were acquired at an average cost of $16.45 per share, for a total transaction of $294,487.90. Following the completion of the transaction, the chairman now directly owns 1,082,771 shares of the company’s stock, valued at $17,811,582.95. The trade was a 1.68 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman David D. Smith bought 4,616 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $16.44 per share, with a total value of $75,887.04. Following the purchase, the chairman now directly owns 972,205 shares in the company, valued at $15,983,050.20. The trade was a 0.48 % increase in their position. The disclosure for this purchase can be found here. In other Sinclair news, Chairman David D. Smith purchased 61,591 shares of Sinclair stock in a transaction on Tuesday, March 18th. The shares were bought at an average price of $15.79 per share, with a total value of $972,521.89. Following the purchase, the chairman now directly owns 962,951 shares in the company, valued at $15,204,996.29. This trade represents a 6.83 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Guggenheim lowered their price target on Sinclair from $19.00 to $17.00 and set a “buy” rating for the company in a report on Monday, March 10th. Benchmark restated a “buy” rating and issued a $30.00 target price on shares of Sinclair in a report on Tuesday, January 28th. StockNews.com lowered shares of Sinclair from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Finally, Wells Fargo & Company decreased their price target on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.30.

Sinclair Stock Performance

The stock’s 50-day moving average is $14.89 and its 200-day moving average is $15.82. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 11.73. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -5.08 and a beta of 1.50.

Sinclair (NASDAQ:SBGI) last released its quarterly earnings data on Wednesday, February 26th. The company reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.62. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $1.01 billion. On average, analysts expect that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 10th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.96%. The ex-dividend date of this dividend was Monday, March 10th. Sinclair’s dividend payout ratio (DPR) is presently 21.46%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in shares of Sinclair by 26.9% during the 4th quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock valued at $47,000 after buying an additional 613 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Sinclair during the fourth quarter valued at approximately $47,000. Point72 DIFC Ltd acquired a new position in shares of Sinclair during the third quarter worth $91,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Sinclair in the third quarter valued at $121,000. Finally, New York State Common Retirement Fund grew its holdings in Sinclair by 29.4% during the 4th quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock valued at $121,000 after purchasing an additional 1,700 shares in the last quarter. Institutional investors and hedge funds 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.