Salem Media Group, Inc. (SALM) Issues Quarterly Earnings Results
Salem Media Group, Inc. (NASDAQ:SALM) posted its quarterly earnings data on Monday. The company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.03, Morningstar.com reports. The firm had revenue of $66.11 million during the quarter, compared to analyst estimates of $67.47 million. Salem Media Group had a net margin of 3.49% and a return on equity of 6.42%.
Salem Media Group (NASDAQ SALM) traded down 0.71% during midday trading on Tuesday, reaching $6.95. 8,663 shares of the company’s stock traded hands. Salem Media Group has a 52-week low of $5.00 and a 52-week high of $8.25. The firm has a market cap of $180.85 million, a PE ratio of 18.83 and a beta of 1.16. The firm’s 50-day moving average is $7.17 and its 200 day moving average is $7.10.
Several equities research analysts have commented on SALM shares. ValuEngine lowered shares of Salem Media Group from a “buy” rating to a “hold” rating in a research note on Saturday, June 3rd. Zacks Investment Research lowered shares of Salem Media Group from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th.
In other news, SVP Christopher J. Henderson sold 5,215 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $7.40, for a total value of $38,591.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider David Evans sold 4,910 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $6.94, for a total transaction of $34,075.40. Following the completion of the transaction, the insider now owns 32,502 shares in the company, valued at approximately $225,563.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,345 shares of company stock worth $376,370. Insiders own 60.04% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its position in Salem Media Group by 11.4% in the second quarter. Russell Investments Group Ltd. now owns 46,434 shares of the company’s stock valued at $330,000 after buying an additional 4,767 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Salem Media Group by 72.2% in the first quarter. Goldman Sachs Group Inc. now owns 46,207 shares of the company’s stock valued at $344,000 after buying an additional 19,373 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Salem Media Group by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,049,571 shares of the company’s stock valued at $7,819,000 after buying an additional 10,771 shares during the last quarter. Hancock Holding Co. bought a new position in Salem Media Group during the first quarter valued at $196,000. Finally, Bank of New York Mellon Corp boosted its position in Salem Media Group by 4.3% in the first quarter. Bank of New York Mellon Corp now owns 218,211 shares of the company’s stock valued at $1,625,000 after buying an additional 8,955 shares during the last quarter. Hedge funds and other institutional investors own 29.48% of the company’s stock.
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About Salem Media Group
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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