Procore signs multi-year strategic collaboration agreement with AWS
David D. Smith, the Executive Chairman of Sinclair, Inc. (NASDAQ:SBGI), recently made significant purchases of the company’s stock, according to a filing with the Securities and Exchange Commission. The company, currently valued at $1.1 billion, has shown strong momentum with a 14% gain in the past week and trades at an attractive P/E ratio of 3.5x while offering a substantial 6.1% dividend yield, according to InvestingPro data. On March 18 and 19, Smith acquired a combined total of 66,229 shares of Class A Common Stock. The transactions, valued at approximately $1,046,346, were executed at prices ranging from $15.7913 to $15.9 per share. Following these purchases, Smith directly owns 967,589 shares of Class A Common Stock. For investors seeking deeper insights, InvestingPro offers 8 additional key tips and a comprehensive Pro Research Report covering Sinclair’s financial health, which is currently rated as GOOD. These transactions underscore Smith’s continued investment in Sinclair, Inc., a leading television broadcasting company headquartered in Maryland.
In other recent news, Sinclair Broadcasting reported its fourth-quarter 2024 earnings, revealing a robust performance despite challenges in core advertising. The company achieved an adjusted EBITDA of $330 million, surpassing its guidance by $5 million, while distribution revenue increased by 5% year-over-year. However, core advertising revenue declined by 9%, affecting overall revenue growth. Looking ahead, Sinclair projects first-quarter 2025 revenues between $765 million and $779 million, with EBITDA estimates ranging from $90 million to $102 million. Guggenheim Securities adjusted its outlook on Sinclair, lowering the stock price target to $17 from $19 while maintaining a Buy rating, citing weaker advertising trends and the impact of a non-election year. Meanwhile, Benchmark maintained its Buy rating with a steady price target of $30, highlighting Sinclair’s potential for mergers and acquisitions and the strategic use of its Ventures division cash for stock repurchases. These developments reflect Sinclair’s strategic maneuvers and financial health as it navigates industry challenges and opportunities.
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