Salem Communications Corp. (SALM) Sees Strong Trading Volume
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 cut Salem Communications Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 10th.
The stock’s 50 day moving average is $7.27 and its 200 day moving average is $6.25. The stock has a market cap of $160.79 million and a PE ratio of 14.83.
Salem Communications Corp. (NASDAQ:SALM) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.03. The firm had revenue of $67.80 million for the quarter, compared to analysts’ expectations of $69.35 million. On average, equities analysts expect that Salem Communications Corp. will post $0.42 EPS for the current fiscal year.
In other Salem Communications Corp. news, insider David P. Santrella sold 39,173 shares of the firm’s stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $8.01, for a total transaction of $313,775.73. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at $286,982.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider David Evans sold 9,847 shares of the firm’s stock in a transaction dated 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 $168,750. 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 increased its stake in shares of Salem Communications Corp. (NASDAQ:SALM) by 0.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 3.66% of Salem Communications Corp. worth $4,644,000 at the end of the most recent reporting period.
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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