Salem Communications Corp. (SALM) Shares Up 7.9%
Salem Communications Corp. (NASDAQ:SALM) shot up 7.9% during trading on Monday . The stock traded as high as $6.54 and last traded at $6.52, with a volume of 66,005 shares. The stock had previously closed at $6.04.
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 capitalization of $165.18 million and a P/E ratio of 15.24. The company has a 50 day moving average of $7.28 and a 200 day moving average of $6.18.
Salem Communications Corp. (NASDAQ:SALM) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.03. The company earned $67.80 million during the quarter, compared to analysts’ expectations of $69.35 million. On average, equities research analysts expect that Salem Communications Corp. will post $0.42 earnings per share for the current year.
In other news, CFO Evan D. Masyr sold 78,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $7.55, for a total transaction of $588,900.00. Following the transaction, the chief financial officer now directly owns 35,018 shares in the company, valued at $264,385.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David Evans sold 9,847 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $6.75, for a total transaction 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 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 Securities and Exchange Commission (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 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.