Empyrean Capital Partners LP lowered its position in shares of Sinclair, Inc. (NASDAQ:SBGI – Free Report) by 8.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,044,493 shares of the company’s stock after selling 100,000 shares during the quarter. Empyrean Capital Partners LP’s holdings in Sinclair were worth $15,981,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the company. Aristeia Capital L.L.C. boosted its position in Sinclair by 22.3% during the fourth quarter. Aristeia Capital L.L.C. now owns 32,864 shares of the company’s stock valued at $503,000 after acquiring an additional 5,988 shares during the last quarter. AQR Capital Management LLC boosted its position in Sinclair by 205.4% during the fourth quarter. AQR Capital Management LLC now owns 130,835 shares of the company’s stock valued at $2,002,000 after acquiring an additional 87,988 shares during the last quarter. Trexquant Investment LP bought a new stake in Sinclair during the fourth quarter valued at $170,000. Price T Rowe Associates Inc. MD boosted its position in Sinclair by 19.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 52,370 shares of the company’s stock valued at $802,000 after acquiring an additional 8,449 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in Sinclair by 10.9% during the fourth quarter. California State Teachers Retirement System now owns 35,233 shares of the company’s stock valued at $539,000 after acquiring an additional 3,459 shares during the last quarter. Institutional investors own 41.71% of the company’s stock.
Sinclair Price Performance
Shares of NASDAQ SBGI opened at $13.66 on Thursday. The firm’s 50-day moving average price is $14.53 and its 200-day moving average price is $14.67. Sinclair, Inc. has a 1-year low of $11.89 and a 1-year high of $17.88. The firm has a market capitalization of $985.84 million, a P/E ratio of 15.18 and a beta of 1.05. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 11.10.
Sinclair Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 26th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.00 annualized dividend and a dividend yield of 7.3%. Sinclair’s dividend payout ratio is currently 111.11%.
Insider Buying and Selling at Sinclair
In other news, Director Daniel C. Keith sold 22,613 shares of the company’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $13.10, for a total transaction of $296,230.30. Following the transaction, the director owned 25,027 shares in the company, valued at approximately $327,853.70. This represents a 47.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 42,000 shares of company stock worth $550,200 in the last quarter. 42.10% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
SBGI has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft set a $17.00 price target on shares of Sinclair in a research report on Wednesday, April 15th. JPMorgan Chase & Co. cut their price target on shares of Sinclair from $15.00 to $14.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 1st. Guggenheim cut their price target on shares of Sinclair from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, May 5th. Wells Fargo & Company cut their price target on shares of Sinclair from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Sinclair from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $19.20.
Check Out Our Latest Stock Report on SBGI
Sinclair Company Profile
Sinclair Broadcast Group, Inc (NASDAQ: SBGI) is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.
At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.
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