Sinclair (NASDAQ:SBGI) Given New $17.00 Price Target at Guggenheim

Sinclair (NASDAQ:SBGI) had its price target dropped by research analysts at Guggenheim from $19.00 to $17.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 18.63% from the stock’s current price.

Several other brokerages have also issued reports on SBGI. Wells Fargo & Company decreased their price target on shares of Sinclair from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. 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 research note on Tuesday, November 12th. Benchmark reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Sinclair in a report on Tuesday, January 28th. Finally, StockNews.com lowered shares of Sinclair from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. One 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.30.

Sinclair Trading Up 3.8 %

Shares of SBGI stock opened at $14.33 on Monday. The company has a 50 day moving average of $14.97 and a 200-day moving average of $15.67. 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 has a 12-month low of $11.13 and a 12-month high of $18.45. The firm has a market cap of $952.50 million, a P/E ratio of -4.34 and a beta of 1.50.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings results 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 analyst estimates of $1.01 billion. Sell-side analysts anticipate that Sinclair will post 4.24 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman David D. Smith acquired 30,296 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $14.09 per share, with a total value of $426,870.64. Following the acquisition, the chairman now owns 728,986 shares of the company’s stock, valued at approximately $10,271,412.74. This trade represents a 4.34 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 46.60% of the stock is currently owned by insiders.

Institutional Trading of Sinclair

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Sinclair by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 3,714,036 shares of the company’s stock valued at $59,945,000 after acquiring an additional 64,683 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of Sinclair by 1.5% in the 4th quarter. Gamco Investors INC. ET AL now owns 3,704,282 shares of the company’s stock valued at $59,787,000 after acquiring an additional 55,350 shares in the last quarter. Empyrean Capital Partners LP raised its holdings in shares of Sinclair by 8.0% in the 4th quarter. Empyrean Capital Partners LP now owns 1,144,493 shares of the company’s stock valued at $18,472,000 after acquiring an additional 84,493 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Sinclair by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 826,949 shares of the company’s stock valued at $12,655,000 after acquiring an additional 15,263 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Sinclair by 2.3% in the 4th quarter. Bridgeway Capital Management LLC now owns 528,719 shares of the company’s stock valued at $8,534,000 after acquiring an additional 11,883 shares in the last quarter. Hedge funds and other institutional investors 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.