Sinclair (NASDAQ:SBGI) Reaches New 52-Week High – Here’s What Happened

Sinclair, Inc. (NASDAQ:SBGI)’s stock price hit a new 52-week high on Monday . The company traded as high as $18.45 and last traded at $17.84, with a volume of 134647 shares traded. The stock had previously closed at $18.08.

Analyst Ratings Changes

A number of analysts recently weighed in on SBGI shares. JPMorgan Chase & Co. increased 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 increased their price target on shares of Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Guggenheim increased their price target on shares of Sinclair from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Rosenblatt Securities increased their price target on shares of Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, Wells Fargo & Company upgraded shares of Sinclair from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $13.00 to $19.00 in a research note on Thursday, November 7th. One 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $20.10.

Sinclair Stock Performance

The company has a market cap of $1.18 billion, a PE ratio of -5.55, a P/E/G ratio of 0.16 and a beta of 1.55. The company has a debt-to-equity ratio of 11.73, a quick ratio of 1.91 and a current ratio of 1.91. The stock’s 50-day simple moving average is $16.95 and its 200 day simple moving average is $14.71.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.54. The company had revenue of $917.00 million during the quarter, compared to the consensus estimate 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 prior year, the firm earned ($0.30) EPS. As a group, equities analysts anticipate that Sinclair, Inc. will post 4.24 EPS for the current year.

Sinclair Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.25 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.61%. Sinclair’s dividend payout ratio is presently -30.30%.

Hedge Funds Weigh In On Sinclair

Large investors have recently made changes to their positions in the stock. nVerses Capital LLC purchased a new position in shares of Sinclair in the 2nd quarter valued at about $28,000. GAMMA Investing LLC increased its holdings in shares of Sinclair by 81.6% in 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 in the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of Sinclair in the 3rd quarter valued at about $39,000. Headlands Technologies LLC increased its holdings in shares of Sinclair by 1,039.0% in the 2nd quarter. Headlands Technologies LLC now owns 4,647 shares of the company’s stock valued at $62,000 after purchasing an additional 4,239 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in shares of Sinclair in the 3rd quarter valued at about $91,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

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.