Procore signs multi-year strategic collaboration agreement with AWS
David D. Smith, Executive Chairman of Sinclair, Inc. (NASDAQ:SBGI), has recently increased his stake in the company through substantial purchases of Class A Common Stock, according to a recent SEC filing. Over two days, Smith acquired a total of 185,145 shares, with transactions executed on April 8 and April 9, 2025. The insider buying comes as InvestingPro analysis shows the stock trading at an attractive P/E ratio of 3.1x, with a notable dividend yield of 7.58%.
On April 8, Smith purchased 122,072 shares at a weighted average price of $13.6581 per share, with the transaction price ranging between $13.16 and $14.00. The following day, he acquired an additional 63,073 shares at an average price of $12.907 per share, with prices ranging from $12.73 to $13.00. These purchases amount to a total investment of approximately $2.48 million. With analyst price targets ranging from $12 to $30, InvestingPro subscribers can access detailed valuation metrics and 8 additional key insights about Sinclair's financial health and prospects.
Following these transactions, Smith's direct ownership in Sinclair, Inc. stands at 1,526,029 shares of Class A Common Stock. In addition to his direct holdings, Smith also maintains significant indirect ownership through various trusts, custodial accounts, and a family foundation, further solidifying his substantial interest in the company, which currently has a market capitalization of $876 million.
In other recent news, Sinclair Inc. has announced significant developments affecting its operations and leadership. The company disclosed that Executive Vice President and Chief Financial Officer Lucy Rutishauser will retire, with plans to remain as a senior advisor post-retirement. Sinclair is actively searching for her successor, considering both internal and external candidates. Additionally, Sinclair promoted Christina Tesauro to Senior Vice President of Sales for the Tennis Channel, highlighting her role in expanding the company's advertising and sponsorship portfolio.
Guggenheim Securities adjusted its price target for Sinclair Broadcasting, reducing it from $19 to $17, while maintaining a Buy rating. This revision follows Sinclair's fourth-quarter 2024 earnings report and future guidance, with projected revenues between $765 million and $779 million for the first quarter of 2025. The analysts cited weaker core advertising trends and the impact of a non-election year on political advertising revenue as factors influencing their decision. Despite these challenges, Guggenheim forecasts a robust average annual free cash flow of $347 million for the 2024/25 cycle.
Benchmark analysts have expressed concerns about the broadcast television sector's outlook, suggesting a tough year ahead due to potential recession impacts. They noted that a recession could lead to a decline in core advertising revenues by 10-15%. However, companies in the sector are pursuing restructuring plans to mitigate these challenges. Sinclair's recent financial performance and strategic moves continue to be closely monitored by analysts and investors alike.
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