Salem Communications Corp. (SALM) Shares Up 7.9%
Salem Communications Corp. (NASDAQ:SALM) shot up 7.9% on Monday . The stock traded as high as $6.54 and last traded at $6.52, with a volume of 66,005 shares trading hands. The stock had previously closed at $6.04.
Separately, Zacks Investment Research downgraded shares of Salem Communications Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 10th.
The stock has a market capitalization of $163.11 million and a P/E ratio of 15.05. The firm’s 50 day moving average is $7.28 and its 200 day moving average is $6.25.
Salem Communications Corp. (NASDAQ:SALM) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.13 earnings per share (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 analysts’ expectations of $69.35 million. Analysts anticipate that Salem Communications Corp. will post $0.42 EPS for the current year.
In other news, insider David P. Santrella sold 39,173 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $8.01, for a total value of $313,775.73. Following the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $286,982.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Evan D. Masyr sold 78,000 shares of the business’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 completion of the sale, the chief financial officer now directly owns 35,018 shares in the company, 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 increased its position in shares of Salem Communications Corp. (NASDAQ:SALM) by 0.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 932,465 shares of the company’s stock after buying an additional 2,586 shares during the period. Dimensional Fund Advisors LP owned about 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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