JPMorgan Chase & Co. Boosts Sinclair (NASDAQ:SBGI) Price Target to $16.00

Sinclair (NASDAQ:SBGI) had its price objective increased by equities research analysts at JPMorgan Chase & Co. from $14.00 to $16.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential downside of 0.44% from the stock’s previous close.

Several other equities research analysts also recently commented on SBGI. Rosenblatt Securities boosted their target price on Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a report on Friday, September 20th. StockNews.com upgraded shares of Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. Benchmark raised their price target 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. Finally, Wells Fargo & Company raised Sinclair from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $13.00 to $19.00 in a research report on Thursday, November 7th. One 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $20.38.

Sinclair Stock Down 1.8 %

SBGI traded down $0.29 on Tuesday, hitting $16.07. The company had a trading volume of 35,382 shares, compared to its average volume of 412,794. Sinclair has a 52-week low of $11.13 and a 52-week high of $18.20. The firm has a market capitalization of $1.07 billion, a P/E ratio of -4.91, a P/E/G ratio of 0.13 and a beta of 1.53. The stock has a fifty day simple moving average of $15.65 and a 200-day simple moving average of $14.22. The company has a debt-to-equity ratio of 14.93, a current ratio of 1.78 and a quick ratio of 1.78.

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 positive return on equity of 69.78% and a negative net margin of 6.14%. The company had revenue of $917.00 million for the quarter, compared to analysts’ expectations of $923.02 million. During the same period in the prior year, the firm earned ($0.30) earnings per share. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. As a group, equities analysts expect that Sinclair will post 4.57 EPS for the current fiscal year.

Institutional Trading of Sinclair

Several hedge funds have recently bought and sold shares of SBGI. Allspring Global Investments Holdings LLC increased its stake in shares of Sinclair by 92.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,706 shares of the company’s stock worth $144,000 after purchasing an additional 5,147 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Sinclair by 32.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 45,379 shares of the company’s stock valued at $611,000 after purchasing an additional 11,082 shares during the period. Capital Management Corp VA grew its holdings in Sinclair by 36.7% during the 1st 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 in the last quarter. EntryPoint Capital LLC raised its position in shares of Sinclair by 37.2% during the first quarter. EntryPoint Capital LLC now owns 4,001 shares of the company’s stock valued at $54,000 after buying an additional 1,085 shares during the last quarter. Finally, Gamco Investors INC. ET AL grew its stake in Sinclair by 2.4% during the first quarter. Gamco Investors INC. ET AL now owns 3,591,266 shares of the company’s stock valued at $48,374,000 after acquiring an additional 85,070 shares in the last quarter. Institutional investors 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.