Salem Communications Corp. (SALM) Sees Strong Trading Volume
Shares of Salem Communications Corp. (NASDAQ:SALM) saw an uptick in trading volume on Tuesday . 58,448 shares were traded during mid-day trading, a decline of 1% from the previous session’s volume of 58,949 shares.The stock last traded at $6.58 and had previously closed at $6.40.
Separately, Zacks Investment Research raised Salem Communications Corp. from a “hold” rating to a “buy” rating and set a $8.00 price objective on the stock in a research note on Friday, April 22nd.
The company has a market cap of $163.11 million and a price-to-earnings ratio of 15.05. The firm’s 50-day moving average price is $7.28 and its 200 day moving average price is $6.25.
Salem Communications Corp. (NASDAQ:SALM) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The company earned $67.80 million during the quarter, compared to the consensus estimate of $69.35 million. On average, analysts predict that Salem Communications Corp. will post $0.42 earnings per share for the current fiscal year.
In other Salem Communications Corp. news, insider David P. Santrella sold 39,173 shares of the stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $8.01, for a total value of $313,775.73. Following the completion of the sale, the insider now directly owns 35,828 shares in the company, valued at $286,982.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Evan D. Masyr sold 78,000 shares of the stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $7.55, for a total value of $588,900.00. Following the completion of the sale, the chief financial officer now owns 35,018 shares of the company’s stock, valued at $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 stake in Salem Communications Corp. (NASDAQ:SALM) by 0.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 932,465 shares of the company’s stock after buying an additional 2,586 shares during the period. Dimensional Fund Advisors LP owned approximately 3.66% of Salem Communications Corp. worth $4,644,000 as of its most recent SEC filing.
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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