An issue of Salem Media Group Inc (NASDAQ:SALM) bonds fell 1% against their face value during trading on Friday. The high-yield issue of debt has a 6.75% coupon and will mature on June 1, 2024. The debt is now trading at $95.50. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.
Several analysts have issued reports on the company. ValuEngine downgraded Salem Media Group from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Zacks Investment Research downgraded Salem Media Group from a “hold” rating to a “sell” rating in a report on Thursday, January 18th. Finally, Noble Financial reaffirmed a “buy” rating on shares of Salem Media Group in a research note on Friday, March 16th.
NASDAQ:SALM remained flat at $$3.35 on Friday. The company’s stock had a trading volume of 42,569 shares, compared to its average volume of 64,405. The company has a current ratio of 1.11, a quick ratio of 1.09 and a debt-to-equity ratio of 1.08. Salem Media Group Inc has a 52 week low of $3.30 and a 52 week high of $8.25. The stock has a market cap of $92.90, a PE ratio of 15.23 and a beta of 1.11.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 28th. Shareholders of record on Wednesday, March 14th were paid a dividend of $0.065 per share. The ex-dividend date was Tuesday, March 13th. This represents a $0.26 annualized dividend and a yield of 7.76%. Salem Media Group’s dividend payout ratio (DPR) is presently 118.18%.
Large investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. purchased a new position in Salem Media Group during the 3rd quarter valued at about $101,000. Stone Ridge Asset Management LLC purchased a new position in Salem Media Group during the 4th quarter valued at about $158,000. Wells Fargo & Company MN grew its stake in Salem Media Group by 327.9% during the 4th quarter. Wells Fargo & Company MN now owns 45,520 shares of the company’s stock valued at $206,000 after acquiring an additional 34,881 shares in the last quarter. Millennium Management LLC purchased a new position in Salem Media Group during the 4th quarter valued at about $253,000. Finally, Municipal Employees Retirement System of Michigan grew its stake in Salem Media Group by 25.5% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 58,650 shares of the company’s stock valued at $264,000 after acquiring an additional 11,900 shares in the last quarter. 30.46% of the stock is currently owned by institutional investors.
ILLEGAL ACTIVITY WARNING: This report was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this report on another site, it was stolen and republished in violation of US & international copyright and trademark legislation. The correct version of this report can be accessed at https://www.dispatchtribunal.com/2018/04/06/salem-media-group-salm-bonds-trading-1-lower.html.
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.
Receive News & Ratings for Salem Media Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salem Media Group and related companies with MarketBeat.com's FREE daily email newsletter.