Salem Media Group (NASDAQ:SALM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Salem Media Group, Inc. is a radio broadcaster, Internet content provider and magazine and book publisher specializing in Christian and Conservative content. Its operating segment consists of Broadcast, Digital Media and Publishing. Broadcasting segment is engaged in the ownership and operation of radio stations in metropolitan markets. Digital Media segment focuses on Web-based platform designed. Publishing segment consists of Regnery Publishing, Xulon Press and Salem Publishing. Salem Media Group, Inc., formerly known as Salem Communications Corporation, is headquartered in Camarillo, California. “
Several other brokerages have also commented on SALM. ValuEngine raised Salem Media Group from a “strong sell” rating to a “sell” rating in a research note on Friday, January 4th. TheStreet raised Salem Media Group from a “d+” rating to a “c-” rating in a research note on Tuesday. Finally, Noble Financial raised Salem Media Group from a “market perform” rating to an “outperform” rating and set a $3.50 price target on the stock in a research note on Tuesday, January 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $3.25.
Salem Media Group (NASDAQ:SALM) last released its quarterly earnings data on Tuesday, March 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.08). The firm had revenue of $67.19 million for the quarter, compared to the consensus estimate of $66.50 million. Salem Media Group had a negative net margin of 1.21% and a positive return on equity of 1.41%. As a group, research analysts predict that Salem Media Group will post 0.1 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in Salem Media Group by 4.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,281,706 shares of the company’s stock valued at $4,358,000 after buying an additional 57,252 shares in the last quarter. Ancora Advisors LLC boosted its stake in Salem Media Group by 55.9% in the 4th quarter. Ancora Advisors LLC now owns 408,915 shares of the company’s stock valued at $855,000 after buying an additional 146,564 shares in the last quarter. North Star Investment Management Corp. boosted its stake in Salem Media Group by 1.7% in the 4th quarter. North Star Investment Management Corp. now owns 387,290 shares of the company’s stock valued at $809,000 after buying an additional 6,531 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in Salem Media Group in the 4th quarter valued at $211,000. Finally, Shell Asset Management Co. acquired a new stake in Salem Media Group in the 3rd quarter valued at $235,000. 25.44% of the stock is currently owned by institutional investors and hedge funds.
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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