JPMorgan Chase & Co. Issues Positive Forecast for Sinclair (NASDAQ:SBGI) Stock Price

Sinclair (NASDAQ:SBGI) had its price objective upped by JPMorgan Chase & Co. from $14.00 to $16.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

SBGI has been the subject of several other reports. Wells Fargo & Company raised shares of Sinclair from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $13.00 to $19.00 in a research note on Thursday, November 7th. Benchmark raised 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. Rosenblatt Securities raised their target price on shares of Sinclair from $16.40 to $16.50 and gave the company a “neutral” rating in a research note on Friday, September 20th. Finally, StockNews.com raised Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.38.

Sinclair Price Performance

NASDAQ SBGI opened at $16.19 on Tuesday. The business has a 50 day simple moving average of $15.86 and a 200 day simple moving average of $14.29. Sinclair has a 52-week low of $11.13 and a 52-week high of $18.20. The company has a debt-to-equity ratio of 11.73, a quick ratio of 1.78 and a current ratio of 1.91. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -4.90, a PEG ratio of 0.13 and a beta of 1.53.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share for the quarter, topping 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 company had revenue of $917.00 million during the quarter, compared to analysts’ expectations of $923.02 million. During the same period last year, the business earned ($0.30) EPS. The business’s quarterly revenue was up 19.6% on a year-over-year basis. Analysts anticipate that Sinclair will post 4.57 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 6.18%. The ex-dividend date is Monday, December 2nd. Sinclair’s dividend payout ratio is currently -30.30%.

Institutional Investors Weigh In On Sinclair

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Sinclair by 1.9% during the third quarter. Geode Capital Management LLC now owns 826,949 shares of the company’s stock worth $12,655,000 after buying an additional 15,263 shares in the last quarter. Barclays PLC raised its stake in Sinclair by 378.1% in the third quarter. Barclays PLC now owns 54,229 shares of the company’s stock valued at $831,000 after purchasing an additional 42,887 shares in the last quarter. Point72 DIFC Ltd acquired a new position in Sinclair in the third quarter valued at about $91,000. Point72 Asset Management L.P. acquired a new position in Sinclair in the third quarter valued at about $2,110,000. Finally, Parallax Volatility Advisers L.P. raised its stake in Sinclair by 38.9% in the third quarter. Parallax Volatility Advisers L.P. now owns 52,472 shares of the company’s stock valued at $803,000 after purchasing an additional 14,683 shares in the last quarter. Institutional investors and hedge funds 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.