Sinclair, Inc. (NASDAQ:SBGI) Sees Significant Drop in Short Interest

Sinclair, Inc. (NASDAQ:SBGI) saw a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,560,000 shares, a decline of 16.6% from the October 31st total of 3,070,000 shares. Based on an average daily trading volume, of 374,800 shares, the days-to-cover ratio is presently 6.8 days. Currently, 6.7% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in Sinclair in the 2nd quarter valued at about $28,000. GAMMA Investing LLC raised its stake in shares of Sinclair by 81.6% during the third quarter. GAMMA Investing LLC now owns 2,283 shares of the company’s stock worth $35,000 after purchasing an additional 1,026 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Sinclair during the third quarter worth $39,000. Headlands Technologies LLC grew its position in 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 buying an additional 4,239 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Sinclair in the 3rd quarter valued at $91,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Sinclair Price Performance

Shares of NASDAQ SBGI opened at $18.32 on Friday. 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 firm has a market cap of $1.22 billion, a PE ratio of -5.55, a PEG ratio of 0.16 and a beta of 1.53. Sinclair has a one year low of $11.13 and a one year high of $18.45. The firm has a fifty day moving average of $16.61 and a 200 day moving average of $14.54.

Sinclair (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.54. The firm had revenue of $917.00 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company posted ($0.30) EPS. As a group, research analysts predict that Sinclair will post 4.24 EPS for the current fiscal year.

Sinclair Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.00 annualized dividend and a yield of 5.46%. Sinclair’s dividend payout ratio is currently -30.30%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Rosenblatt Securities increased their price target on Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a report on Friday, September 20th. Wells Fargo & Company raised 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, November 7th. Benchmark boosted their price objective on shares of Sinclair from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. StockNews.com raised shares of Sinclair from a “sell” rating to a “hold” rating in a research note on Saturday, September 28th. Finally, JPMorgan Chase & Co. raised their price objective on Sinclair from $14.00 to $16.00 and gave the stock an “underweight” rating in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.10.

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.