Sinclair (NASDAQ:SBGI) Reaches New 52-Week High Following Dividend Announcement

Sinclair, Inc. (NASDAQ:SBGI) hit a new 52-week high during trading on Thursday after the company announced a dividend. The company traded as high as $18.00 and last traded at $18.00, with a volume of 6016 shares. The stock had previously closed at $17.41.

The newly announced dividend which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.29%. The ex-dividend date is Monday, December 2nd. Sinclair’s dividend payout ratio (DPR) is -30.30%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wells Fargo & Company upgraded shares of Sinclair from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $13.00 to $19.00 in a research note on Thursday. StockNews.com raised shares of Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. Rosenblatt Securities upped their price objective 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, Benchmark lifted their target price on shares of Sinclair from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, September 23rd.

Sinclair Trading Down 6.0 %

The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 14.93. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -4.82, a price-to-earnings-growth ratio of 0.14 and a beta of 1.53. The business’s fifty day moving average is $15.60 and its two-hundred day moving average is $14.16.

Sinclair (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.40. Sinclair had a positive return on equity of 69.78% and a negative net margin of 6.14%. The firm had revenue of $829.00 million during the quarter, compared to analyst estimates of $836.65 million. During the same period last year, the company earned ($1.09) earnings per share. The company’s revenue was up 7.9% on a year-over-year basis. Equities analysts anticipate that Sinclair, Inc. will post 4.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sinclair

Institutional investors have recently modified their holdings of the business. Capital Management Corp VA lifted its holdings in Sinclair by 36.7% in the first quarter. Capital Management Corp VA now owns 2,006,720 shares of the company’s stock valued at $27,031,000 after buying an additional 538,740 shares during the period. Empyrean Capital Partners LP acquired a new position in shares of Sinclair in the 2nd quarter valued at $2,873,000. Inspire Advisors LLC bought a new position in shares of Sinclair in the 2nd quarter worth $1,552,000. Alden Global Capital LLC grew its stake in shares of Sinclair by 10.5% during the second quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company’s stock worth $16,341,000 after purchasing an additional 116,074 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new stake in Sinclair in the third quarter valued at about $1,605,000. 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.