Salem Media Group, Inc. (SALM) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS
Salem Media Group, Inc. (NASDAQ:SALM) posted its earnings results on Monday. The company reported $0.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.03, Morningstar.com reports. The business had revenue of $66.11 million for the quarter, compared to analyst estimates of $67.47 million. Salem Media Group had a net margin of 3.49% and a return on equity of 6.42%.
Shares of Salem Media Group (SALM) traded down 1.43% on Tuesday, reaching $6.90. 21,402 shares of the company traded hands. The firm’s 50 day moving average is $7.17 and its 200 day moving average is $7.10. Salem Media Group has a one year low of $5.00 and a one year high of $8.25. The company has a market capitalization of $179.55 million, a P/E ratio of 18.70 and a beta of 1.16.
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In other news, CEO Edward G. Atsinger III sold 17,979 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $7.06, for a total transaction of $126,931.74. Following the completion of the sale, the chief executive officer now owns 48,804 shares in the company, valued at $344,556.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider David Evans sold 3,251 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $7.75, for a total value of $25,195.25. Following the sale, the insider now owns 37,412 shares of the company’s stock, valued at approximately $289,943. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,345 shares of company stock valued at $376,370. Corporate insiders own 60.04% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. purchased a new stake in Salem Media Group during the fourth quarter valued at approximately $299,000. North Star Investment Management Corp. increased its stake in Salem Media Group by 56.1% in the first quarter. North Star Investment Management Corp. now owns 116,075 shares of the company’s stock valued at $865,000 after buying an additional 41,725 shares in the last quarter. Hancock Holding Co. purchased a new stake in Salem Media Group during the first quarter valued at approximately $196,000. Goldman Sachs Group Inc. increased its stake in Salem Media Group by 72.2% in the first quarter. Goldman Sachs Group Inc. now owns 46,207 shares of the company’s stock valued at $344,000 after buying an additional 19,373 shares in the last quarter. Finally, Algert Global LLC increased its stake in Salem Media Group by 12.1% in the first quarter. Algert Global LLC now owns 103,254 shares of the company’s stock valued at $769,000 after buying an additional 11,173 shares in the last quarter. Hedge funds and other institutional investors own 29.48% of the company’s stock.
Several research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Salem Media Group from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. ValuEngine downgraded shares of Salem Media Group from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th.
About Salem Media Group
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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