Pinnacle Associates Ltd. Buys 14,384 Shares of Sinclair, Inc. (NASDAQ:SBGI)

Pinnacle Associates Ltd. raised its stake in Sinclair, Inc. (NASDAQ:SBGI) by 2.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 642,738 shares of the company’s stock after purchasing an additional 14,384 shares during the period. Pinnacle Associates Ltd.’s holdings in Sinclair were worth $9,834,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Gamco Investors INC. ET AL boosted its holdings in Sinclair by 2.4% in the 1st quarter. Gamco Investors INC. ET AL now owns 3,591,266 shares of the company’s stock valued at $48,374,000 after purchasing an additional 85,070 shares during the period. Capital Management Corp VA boosted its holdings in Sinclair by 36.7% in the 1st quarter. Capital Management Corp VA now owns 2,006,720 shares of the company’s stock valued at $27,031,000 after purchasing an additional 538,740 shares during the period. Alden Global Capital LLC boosted its holdings in Sinclair by 10.5% in the 2nd quarter. Alden Global Capital LLC now owns 1,225,868 shares of the company’s stock valued at $16,341,000 after purchasing an additional 116,074 shares during the period. Gabelli Funds LLC boosted its holdings in Sinclair by 1.7% in the 2nd quarter. Gabelli Funds LLC now owns 1,208,700 shares of the company’s stock valued at $16,112,000 after purchasing an additional 20,700 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Sinclair by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 447,519 shares of the company’s stock valued at $5,965,000 after purchasing an additional 21,360 shares during the period. 41.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Benchmark raised their price objective on shares of Sinclair from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. StockNews.com raised shares of Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. Finally, Rosenblatt Securities raised their price objective on shares of Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $19.88.

Sinclair Trading Up 1.7 %

Shares of Sinclair stock opened at $17.35 on Thursday. The stock has a market capitalization of $1.15 billion, a P/E ratio of -3.17, a price-to-earnings-growth ratio of 0.14 and a beta of 1.55. 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 company has a 50-day simple moving average of $15.18 and a 200 day simple moving average of $13.94. Sinclair, Inc. has a 12-month low of $10.31 and a 12-month high of $17.98.

Sinclair (NASDAQ:SBGI) last announced its earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.40. The business had revenue of $829.00 million during the quarter, compared to analysts’ expectations of $836.65 million. Sinclair had a negative net margin of 10.78% and a positive return on equity of 22.55%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the company posted ($1.09) EPS. Research analysts expect that Sinclair, Inc. will post 4.57 earnings per share for the current fiscal year.

Sinclair Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.76%. The ex-dividend date was Friday, August 30th. Sinclair’s dividend payout ratio (DPR) is currently -18.28%.

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.