Converium Capital Inc. Buys 144,674 Shares of Sinclair, Inc. $SBGI

Converium Capital Inc. increased its stake in Sinclair, Inc. (NASDAQ:SBGI) by 15.8% in the 1st quarter, Holdings Channel.com reports. The fund owned 1,062,452 shares of the company’s stock after acquiring an additional 144,674 shares during the quarter. Sinclair comprises approximately 8.9% of Converium Capital Inc.’s investment portfolio, making the stock its 5th biggest position. Converium Capital Inc.’s holdings in Sinclair were worth $13,748,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in Sinclair by 239.5% during the third quarter. JPMorgan Chase & Co. now owns 105,490 shares of the company’s stock valued at $1,593,000 after purchasing an additional 74,415 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Sinclair by 5.9% in the fourth quarter. Vanguard Group Inc. now owns 3,934,311 shares of the company’s stock valued at $60,195,000 after purchasing an additional 220,623 shares during the period. Madison Avenue Partners LP purchased a new stake in shares of Sinclair during the fourth quarter worth about $13,918,000. UBS Group AG increased its stake in shares of Sinclair by 46.7% during the fourth quarter. UBS Group AG now owns 180,880 shares of the company’s stock worth $2,767,000 after purchasing an additional 57,616 shares in the last quarter. Finally, Indivisible Partners acquired a new position in shares of Sinclair during the 4th quarter worth about $595,000. Hedge funds and other institutional investors own 41.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on SBGI shares. Wells Fargo & Company decreased 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 note on Friday, May 1st. Deutsche Bank Aktiengesellschaft set a $17.00 price objective on Sinclair in a research note on Wednesday, April 15th. Guggenheim reduced their target price on Sinclair from $20.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Wall Street Zen upgraded Sinclair from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings upgraded Sinclair from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Sinclair currently has an average rating of “Hold” and a consensus price target of $19.20.

Insider Buying and Selling

In other Sinclair news, Director Daniel C. Keith sold 17,000 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $15.02, for a total value of $255,340.00. Following the completion of the sale, the director owned 25,122 shares in the company, valued at approximately $377,332.44. This represents a 40.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 42.10% of the company’s stock.

Sinclair Price Performance

Shares of NASDAQ SBGI opened at $13.74 on Friday. The firm has a 50-day simple moving average of $14.04 and a 200-day simple moving average of $14.38. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 11.10. The stock has a market capitalization of $991.56 million, a price-to-earnings ratio of 15.27 and a beta of 1.04. Sinclair, Inc. has a 52 week low of $11.89 and a 52 week high of $17.88.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.96. Sinclair had a net margin of 2.00% and a negative return on equity of 12.62%. The firm had revenue of $807.00 million for the quarter, compared to analyst estimates of $792.63 million. During the same period in the previous year, the business posted ($2.30) earnings per share. Sinclair’s quarterly revenue was up 4.0% on a year-over-year basis. On average, equities analysts predict that Sinclair, Inc. will post 1.68 earnings per share for the current fiscal year.

About Sinclair

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.