Salem Communications Corp. (SALM) Shares Down 8.3%
Salem Communications Corp. (NASDAQ:SALM)’s share price traded down 8.3% on Monday . The stock traded as low as $6.52 and last traded at $6.55, with a volume of 72,487 shares changing hands. The stock had previously closed at $7.14.
Separately, Zacks Investment Research lowered shares of Salem Communications Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, April 27th.
The company has a market cap of $167.36 million and a PE ratio of 15.60. The firm’s 50-day moving average is $7.29 and its 200 day moving average is $6.15.
Salem Communications Corp. (NASDAQ:SALM) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.03. The company had revenue of $67.80 million for the quarter, compared to analysts’ expectations of $69.35 million. Equities research analysts forecast that Salem Communications Corp. will post $0.46 EPS for the current fiscal year.
In related news, insider David Evans sold 9,847 shares of Salem Communications Corp. stock in a transaction on Friday, May 27th. The shares were sold at an average price of $6.75, for a total value of $66,467.25. Following the transaction, the insider now owns 25,000 shares in the company, valued at approximately $168,750. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Evan D. Masyr sold 78,000 shares of Salem Communications Corp. stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $7.55, for a total transaction of $588,900.00. Following the completion of the transaction, the chief financial officer now owns 35,018 shares in the company, valued at approximately $264,385.90. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Salem Communications Corp. stock. Dimensional Fund Advisors LP raised its position in Salem Communications Corp. (NASDAQ:SALM) by 0.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 932,465 shares of the company’s stock after buying an additional 2,586 shares during the period. Dimensional Fund Advisors LP owned 3.66% of Salem Communications Corp. worth $4,644,000 as of its most recent filing with the SEC.
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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