Salem Media Group, Inc. (NASDAQ:SALM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

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. “

Several other brokerages also recently weighed in on SALM. ValuEngine downgraded Salem Media Group from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Noble Financial reaffirmed a “buy” rating on shares of Salem Media Group in a research report on Tuesday, August 8th.

Salem Media Group (NASDAQ:SALM) traded up 1.48% during trading on Friday, hitting $6.85. The stock had a trading volume of 29,611 shares. 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 $178.91 million, a PE ratio of 23.70 and a beta of 1.16. The company’s 50 day moving average is $7.12 and its 200 day moving average is $7.11.

Salem Media Group (NASDAQ:SALM) last announced its quarterly earnings results on Monday, August 7th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. The company had revenue of $66.11 million for the quarter, compared to the consensus estimate of $67.47 million. Salem Media Group had a return on equity of 6.26% and a net margin of 2.75%. Equities research analysts forecast that Salem Media Group will post $0.38 earnings per share for the current year.

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In other news, CEO Edward G. Atsinger III sold 3,528 shares of the stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $7.45, for a total transaction of $26,283.60. Following the sale, the chief executive officer now directly owns 42,654 shares of the company’s stock, valued at approximately $317,772.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Christopher J. Henderson sold 5,215 shares of the stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $7.40, for a total transaction of $38,591.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,094 shares of company stock worth $351,175. Corporate insiders own 60.04% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of SALM. Teachers Advisors LLC raised its position in shares of Salem Media Group by 82.9% in the second quarter. Teachers Advisors LLC now owns 21,735 shares of the company’s stock worth $154,000 after buying an additional 9,852 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Salem Media Group by 24.6% in the first quarter. Acadian Asset Management LLC now owns 25,223 shares of the company’s stock worth $188,000 after buying an additional 4,973 shares in the last quarter. Hancock Holding Co. bought a new position in shares of Salem Media Group during the first quarter worth $196,000. TIAA CREF Investment Management LLC raised its position in shares of Salem Media Group by 35.2% in the second quarter. TIAA CREF Investment Management LLC now owns 29,558 shares of the company’s stock worth $210,000 after buying an additional 7,701 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new position in shares of Salem Media Group during the fourth quarter worth $299,000. 29.48% of the stock is currently owned by hedge funds and other institutional investors.

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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