Salem Media Group (NASDAQ:SALM) Upgraded by ValuEngine to “Hold”

ValuEngine upgraded shares of Salem Media Group (NASDAQ:SALM) from a sell rating to a hold rating in a research note released on Thursday morning, ValuEngine reports.

Other research analysts also recently issued reports about the stock. Noble Financial set a $4.00 price target on shares of Salem Media Group and gave the stock a buy rating in a research note on Monday, May 13th. TheStreet downgraded shares of Salem Media Group from a c- rating to a d rating in a research note on Monday, April 15th. Finally, Zacks Investment Research raised shares of Salem Media Group from a strong sell rating to a hold rating and set a $2.50 price target on the stock in a research note on Tuesday, May 14th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Buy and an average price target of $3.25.

Shares of NASDAQ:SALM traded up $0.06 on Thursday, hitting $2.08. The company’s stock had a trading volume of 49,365 shares, compared to its average volume of 73,016. The firm’s 50-day moving average price is $2.28. The stock has a market cap of $54.45 million, a P/E ratio of 23.11 and a beta of 1.56. The company has a quick ratio of 0.59, a current ratio of 0.60 and a debt-to-equity ratio of 1.31. Salem Media Group has a 1 year low of $1.81 and a 1 year high of $5.50.

Salem Media Group (NASDAQ:SALM) last released its quarterly earnings results on Friday, May 10th. The company reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.03. The business had revenue of $60.47 million for the quarter, compared to the consensus estimate of $61.12 million. Salem Media Group had a positive return on equity of 1.21% and a negative net margin of 1.43%. Sell-side analysts anticipate that Salem Media Group will post 0.13 earnings per share for the current year.

In other news, CFO Evan D. Masyr sold 11,970 shares of Salem Media Group stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $2.11, for a total value of $25,256.70. Following the transaction, the chief financial officer now owns 23,068 shares in the company, valued at $48,673.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last quarter, insiders sold 45,881 shares of company stock worth $104,855. Company insiders own 55.66% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan purchased a new position in Salem Media Group in the 4th quarter worth approximately $211,000. Bailard Inc. increased its stake in Salem Media Group by 102.5% in the 2nd quarter. Bailard Inc. now owns 57,309 shares of the company’s stock worth $139,000 after purchasing an additional 29,009 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Salem Media Group by 104.5% in the 4th quarter. Bank of New York Mellon Corp now owns 28,817 shares of the company’s stock worth $60,000 after purchasing an additional 14,723 shares during the period. Hedge funds and other institutional investors own 24.61% of the company’s stock.

About Salem Media Group

Salem Media Group, Inc operates as a multimedia company in the United States. It operates through three segments: Broadcast, Digital Media, and Publishing. The company owns and operates radio networks, which produce and distribute talk, news, and music programming to radio stations, as well as sells commercial airtime.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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