The Vice President of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI), Frederik Smith, sold off the entirety of his 110,000 company shares. The transaction was executed in a two day spree, and concluded yesterday. The larger sale was completed on Tuesday, when Smith sold 80,185 Class A Common Stock for $30.2 per share. Yesterday, the VP cleared the remaining 30,000 shares from his portfolio, selling them at a slightly higher price of $30.55 per share.
However, Smith isn’t the first insider at Sinclair to sell his stock. Last month, the television company’s Chief Accounting Officer, David Bochenek and Executive VP, Barry Faber, sold 900 and 6,400 shares, respectively. Nonetheless, hedge fund managers remain confident in the firm, and have kept considerable amounts of Sinclair shares in their portfolios this quarter. Richard Barrera’s Roystone Capital Partners, for example, holds 3.5 million company shares, which are worth almost $95 million and take up 5.25% of the hedge fund’s portfolio. Soroban Capital Partners, Eric Mandelblatt’s hedge fund, on the other hand newly acquired 3.4 million Sinclair shares, with a value of $93 million.