Charles Schwab Investment Management Inc. Has $8.62 Million Stock Holdings in Sinclair, Inc. (NASDAQ:SBGI)

Charles Schwab Investment Management Inc. cut its holdings in shares of Sinclair, Inc. (NASDAQ:SBGI) by 19.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 563,521 shares of the company’s stock after selling 132,305 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Sinclair were worth $8,622,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SBGI. ARS Investment Partners LLC acquired a new stake in Sinclair during the 2nd quarter worth approximately $309,000. Williams Financial LLC acquired a new stake in Sinclair during the 2nd quarter worth approximately $217,000. Hennion & Walsh Asset Management Inc. boosted its position in Sinclair by 45.4% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 19,411 shares of the company’s stock worth $259,000 after buying an additional 6,065 shares during the period. Bank of New York Mellon Corp raised its holdings in Sinclair by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 447,519 shares of the company’s stock worth $5,965,000 after purchasing an additional 21,360 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Sinclair by 29.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,330 shares of the company’s stock worth $111,000 after purchasing an additional 1,898 shares during the last quarter. 41.71% of the stock is currently owned by institutional investors and hedge funds.

Sinclair Stock Performance

NASDAQ:SBGI opened at $18.30 on Wednesday. The firm has a market capitalization of $1.22 billion, a P/E ratio of -5.55, a P/E/G ratio of 0.16 and a beta of 1.55. The company has a fifty day moving average of $16.95 and a 200-day moving average of $14.71. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73. Sinclair, Inc. has a twelve month low of $11.13 and a twelve month high of $18.45.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.54. The business had revenue of $917.00 million during the quarter, compared to analyst estimates of $923.02 million. Sinclair had a negative net margin of 6.14% and a positive return on equity of 63.89%. Sinclair’s quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.30) EPS. As a group, sell-side analysts anticipate that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 5.46%. The ex-dividend date of this dividend is Monday, December 2nd. Sinclair’s dividend payout ratio is -30.30%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Rosenblatt Securities raised their price target on shares of Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a report on Friday, September 20th. Guggenheim raised their price target on shares of Sinclair from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Benchmark raised their price target on shares of Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. JPMorgan Chase & Co. raised their price target on shares of Sinclair from $14.00 to $16.00 and gave the stock an “underweight” rating in a report on Tuesday, November 12th. Finally, StockNews.com upgraded shares of Sinclair from a “sell” rating to a “hold” rating in a 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.10.

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.