Zacks: Salem Media Group Inc (SALM) Receives Average Rating of “Strong Buy” from Brokerages

Salem Media Group Inc (NASDAQ:SALM) has been assigned an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. Salem Media Group’s rating score has improved by 50% from three months ago as a result of a number of analysts’ upgrades and downgrades.

Zacks has also given Salem Media Group an industry rank of 90 out of 257 based on the ratings given to its competitors.

A number of analysts have recently commented on SALM shares. ValuEngine raised shares of Salem Media Group from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. Noble Financial lowered shares of Salem Media Group from a “buy” rating to a “hold” rating and set a $11.00 price objective on the stock. in a research report on Thursday, August 9th. TheStreet lowered shares of Salem Media Group from a “c” rating to a “d+” rating in a research report on Tuesday, August 21st. Finally, Zacks Investment Research lowered shares of Salem Media Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 15th.

Shares of SALM opened at $3.19 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.05 and a current ratio of 1.07. Salem Media Group has a twelve month low of $2.88 and a twelve month high of $6.25. The company has a market capitalization of $81.16 million, a price-to-earnings ratio of 14.50 and a beta of 1.20.

Salem Media Group (NASDAQ:SALM) last announced its quarterly earnings results on Wednesday, November 7th. The company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.03. Salem Media Group had a net margin of 7.98% and a return on equity of 1.90%. The firm had revenue of $65.53 million for the quarter, compared to analyst estimates of $65.85 million. Analysts anticipate that Salem Media Group will post 0.23 earnings per share for the current year.

In other Salem Media Group news, CEO Edward G. Atsinger III acquired 27,553 shares of the business’s stock in a transaction dated Wednesday, August 15th. The shares were acquired at an average price of $3.50 per share, with a total value of $96,435.50. Following the completion of the transaction, the chief executive officer now directly owns 27,553 shares in the company, valued at approximately $96,435.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 59.99% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC increased its holdings in Salem Media Group by 470.8% during the second quarter. Acadian Asset Management LLC now owns 23,701 shares of the company’s stock worth $122,000 after buying an additional 19,549 shares during the last quarter. Millennium Management LLC acquired a new position in Salem Media Group during the second quarter worth $1,234,000. Paloma Partners Management Co acquired a new position in Salem Media Group during the second quarter worth $291,000. LMR Partners LLP acquired a new position in Salem Media Group during the second quarter worth $166,000. Finally, Dimensional Fund Advisors LP increased its holdings in Salem Media Group by 1.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,224,454 shares of the company’s stock worth $6,306,000 after buying an additional 22,729 shares during the last quarter. 28.96% of the stock is currently owned by institutional investors and hedge funds.

Salem Media Group Company Profile

Salem Media Group, Inc operates as a multimedia company in the United States. It operates through three segments: Broadcast, Digital Media, and Publishing. The company owns and operates radio networks, which produce and distribute talk, news, and music programming to radio stations, as well as sells commercial airtime.

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