Salem Media Group, Inc. (NASDAQ:SALM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, July 12th.
According to Zacks, “Salem Media Group, Inc. is a radio broadcaster, Internet content provider and magazine and book publisher specializing in Christian and Conservative content. Its operating segment consists of Broadcast, Digital Media and Publishing. Broadcasting segment is engaged in the ownership and operation of radio stations in metropolitan markets. Digital Media segment focuses on Web-based platform designed. Publishing segment consists of Regnery Publishing, Xulon Press and Salem Publishing. Salem Media Group, Inc., formerly known as Salem Communications Corporation, is headquartered in Camarillo, California. “
Separately, ValuEngine lowered Salem Media Group from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th.
Shares of Salem Media Group (NASDAQ:SALM) traded up 2.07% during mid-day trading on Wednesday, hitting $7.40. The company had a trading volume of 22,279 shares. The company has a market capitalization of $192.56 million, a P/E ratio of 20.05 and a beta of 1.15. The firm’s 50-day moving average price is $7.15 and its 200 day moving average price is $7.04. Salem Media Group has a one year low of $5.00 and a one year high of $8.25.
Salem Media Group (NASDAQ:SALM) last issued its earnings results on Monday, May 8th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.08 by $0.04. The business had revenue of $64.98 million for the quarter, compared to analyst estimates of $65.27 million. Salem Media Group had a return on equity of 6.42% and a net margin of 3.49%. Analysts predict that Salem Media Group will post $0.38 earnings per share for the current fiscal year.
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In other Salem Media Group news, insider David Evans sold 3,251 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $7.75, for a total transaction of $25,195.25. Following the transaction, the insider now owns 37,412 shares of the company’s stock, valued at approximately $289,943. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Edward G. Atsinger III sold 3,528 shares of the stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $7.45, for a total value of $26,283.60. Following the transaction, the chief executive officer now directly owns 42,654 shares in the company, valued at approximately $317,772.30. The disclosure for this sale can be found here. Insiders sold 51,862 shares of company stock valued at $372,772 in the last ninety days. Company insiders own 60.04% of the company’s stock.
Several hedge funds have recently made changes to their positions in SALM. Russell Investments Group Ltd. bought a new stake in Salem Media Group during the fourth quarter worth $299,000. North Star Investment Management Corp. raised its position in shares of Salem Media Group by 56.1% in the first quarter. North Star Investment Management Corp. now owns 116,075 shares of the company’s stock valued at $865,000 after buying an additional 41,725 shares during the period. Hancock Holding Co. bought a new position in shares of Salem Media Group during the first quarter worth $196,000. Goldman Sachs Group Inc. raised its position in shares of Salem Media Group by 72.2% in the first quarter. Goldman Sachs Group Inc. now owns 46,207 shares of the company’s stock worth $344,000 after buying an additional 19,373 shares during the last quarter. Finally, Algert Global LLC raised its position in shares of Salem Media Group by 12.1% in the first quarter. Algert Global LLC now owns 103,254 shares of the company’s stock worth $769,000 after buying an additional 11,173 shares during the last quarter. Institutional investors and hedge funds own 29.69% of the company’s stock.
Salem Media Group Company Profile
Salem Media Group, Inc, formerly Salem Communications Corporation, is a multi-media company specializing in Christian and Conservative content, with media properties consisting of radio broadcasting, digital media, and book, magazine and newsletter publishing. The Company operates through three segments: Broadcast, Digital Media and Publishing.
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