JPMorgan Chase & Co. Has $426,000 Position in Sinclair, Inc. (NASDAQ:SBGI)

JPMorgan Chase & Co. decreased its stake in Sinclair, Inc. (NASDAQ:SBGI) by 66.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 27,851 shares of the company’s stock after selling 55,944 shares during the period. JPMorgan Chase & Co.’s holdings in Sinclair were worth $426,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in Sinclair by 81.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,283 shares of the company’s stock valued at $35,000 after purchasing an additional 1,026 shares during the period. nVerses Capital LLC increased its position in shares of Sinclair by 71.4% during the third quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock worth $55,000 after buying an additional 1,500 shares during the period. Harbor Capital Advisors Inc. bought a new position in Sinclair during the third quarter worth $39,000. Hsbc Holdings PLC raised its stake in Sinclair by 28.0% during the second quarter. Hsbc Holdings PLC now owns 13,325 shares of the company’s stock worth $177,000 after buying an additional 2,918 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Sinclair by 15.4% in the third quarter. HighTower Advisors LLC now owns 28,463 shares of the company’s stock valued at $433,000 after buying an additional 3,801 shares during the period. 41.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Guggenheim lifted their price objective on Sinclair from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price target on Sinclair from $14.00 to $16.00 and gave the company an “underweight” rating in a research note on Tuesday, November 12th. Wells Fargo & Company raised shares of Sinclair from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $13.00 to $19.00 in a research report on Thursday, November 7th. Finally, Benchmark reissued a “buy” rating and set a $30.00 target price on shares of Sinclair in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.10.

Sinclair Stock Up 1.0 %

Shares of NASDAQ:SBGI opened at $14.64 on Thursday. The company has a debt-to-equity ratio of 11.73, a quick ratio of 1.91 and a current ratio of 1.91. Sinclair, Inc. has a 52-week low of $11.13 and a 52-week high of $18.45. The business’s 50 day simple moving average is $16.50 and its two-hundred day simple moving average is $15.55. The firm has a market cap of $972.39 million, a P/E ratio of -4.44 and a beta of 1.57.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share (EPS) 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 business had revenue of $917.00 million during the quarter, compared to the consensus estimate of $923.02 million. During the same quarter last year, the firm posted ($0.30) EPS. Sinclair’s revenue was up 19.6% compared to the same quarter last year. As a group, research analysts forecast that Sinclair, Inc. will post 4.24 EPS for the current fiscal year.

Sinclair Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.83%. Sinclair’s dividend payout ratio is presently -30.30%.

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.