Bailard Inc. purchased a new stake in Salem Media Group Inc (NASDAQ:SALM) in the second quarter, Holdings Channel reports. The institutional investor purchased 93,900 shares of the company’s stock, valued at approximately $484,000.
A number of other large investors also recently made changes to their positions in the business. Acadian Asset Management LLC raised its position in shares of Salem Media Group by 470.8% in the second quarter. Acadian Asset Management LLC now owns 23,701 shares of the company’s stock worth $122,000 after acquiring an additional 19,549 shares during the period. Hancock Holding Co. raised its holdings in Salem Media Group by 56.6% in the 1st quarter. Hancock Holding Co. now owns 64,283 shares of the company’s stock worth $231,000 after purchasing an additional 23,242 shares during the period. Renaissance Technologies LLC raised its holdings in Salem Media Group by 10.7% in the 4th quarter. Renaissance Technologies LLC now owns 283,400 shares of the company’s stock worth $1,275,000 after purchasing an additional 27,300 shares during the period. LMR Partners LLP acquired a new position in Salem Media Group in the 2nd quarter worth about $166,000. Finally, Wells Fargo & Company MN raised its holdings in Salem Media Group by 327.9% in the 4th quarter. Wells Fargo & Company MN now owns 45,520 shares of the company’s stock worth $206,000 after purchasing an additional 34,881 shares during the period. 29.76% of the stock is owned by institutional investors.
In other news, CEO Edward G. Atsinger III acquired 27,553 shares of Salem Media Group stock in a transaction that occurred on Wednesday, August 15th. The stock was purchased at an average cost of $3.50 per share, with a total value of $96,435.50. Following the purchase, the chief executive officer now owns 27,553 shares in the company, valued at $96,435.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christopher J. Henderson sold 4,365 shares of the stock in a transaction on Friday, July 6th. The shares were sold at an average price of $6.25, for a total value of $27,281.25. Following the completion of the transaction, the executive vice president now directly owns 4,365 shares of the company’s stock, valued at $27,281.25. The disclosure for this sale can be found here. 59.99% of the stock is owned by corporate insiders.
NASDAQ:SALM opened at $4.15 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 1.06. The firm has a market cap of $92.94 million, a price-to-earnings ratio of 18.86 and a beta of 1.18. Salem Media Group Inc has a fifty-two week low of $3.10 and a fifty-two week high of $6.75.
Salem Media Group (NASDAQ:SALM) last released its quarterly earnings results on Wednesday, August 8th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.16). Salem Media Group had a return on equity of 1.90% and a net margin of 7.98%. The company had revenue of $66.27 million for the quarter, compared to analyst estimates of $65.65 million. equities research analysts predict that Salem Media Group Inc will post 0.28 EPS for the current year.
SALM has been the subject of several research analyst reports. Zacks Investment Research downgraded Salem Media Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 15th. ValuEngine downgraded Salem Media Group from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Gabelli reaffirmed a “buy” rating on shares of Salem Media Group in a research note on Wednesday, June 20th. Finally, Noble Financial downgraded Salem Media Group from a “buy” rating to a “hold” rating and set a $11.00 target price for the company. in a research note on Thursday, August 9th.
Salem Media Group Company Profile
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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