Salem Media Group (NASDAQ:SALM) Cut to “Strong Sell” at Zacks Investment Research

Salem Media Group (NASDAQ:SALM) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

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. “

A number of other research firms have also weighed in on SALM. ValuEngine raised Salem Media Group from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Noble Financial reaffirmed a “buy” rating and set a $3.25 price objective on shares of Salem Media Group in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $2.88.

Shares of NASDAQ SALM opened at $1.67 on Friday. The firm has a market cap of $50.01 million, a price-to-earnings ratio of 18.56 and a beta of 1.54. The company has a quick ratio of 0.59, a current ratio of 0.62 and a debt-to-equity ratio of 1.33. Salem Media Group has a 52-week low of $1.65 and a 52-week high of $4.24. The business’s 50 day moving average is $2.17 and its two-hundred day moving average is $2.38.

In other news, CFO Evan D. Masyr sold 11,970 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $2.11, for a total transaction of $25,256.70. Following the sale, the chief financial officer now owns 23,068 shares of the company’s stock, valued at $48,673.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 45,881 shares of company stock worth $104,855 in the last ninety days. Corporate insiders own 55.66% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Bailard Inc. purchased a new stake in shares of Salem Media Group during the first quarter worth $72,000. Bank of New York Mellon Corp grew its stake in shares of Salem Media Group by 104.5% during the fourth 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 in the last quarter. OneAscent Financial Services LLC acquired a new position in shares of Salem Media Group during the second quarter worth $91,000. Vanguard Group Inc. grew its stake in shares of Salem Media Group by 2.6% during the second quarter. Vanguard Group Inc. now owns 365,676 shares of the company’s stock worth $889,000 after purchasing an additional 9,302 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Salem Media Group by 19.9% during the second quarter. Renaissance Technologies LLC now owns 192,598 shares of the company’s stock worth $468,000 after purchasing an additional 32,000 shares in the last quarter. 23.10% of the stock is currently owned by institutional investors and hedge funds.

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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