Renaissance Technologies LLC cut its position in shares of Salem Media Group Inc (NASDAQ:SALM) by 10.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 159,700 shares of the company’s stock after selling 18,400 shares during the quarter. Renaissance Technologies LLC owned approximately 0.61% of Salem Media Group worth $822,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in Salem Media Group by 1.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,224,454 shares of the company’s stock worth $6,306,000 after purchasing an additional 22,729 shares during the last quarter. North Star Investment Management Corp. boosted its holdings in Salem Media Group by 13.1% during the second quarter. North Star Investment Management Corp. now owns 345,725 shares of the company’s stock worth $1,780,000 after purchasing an additional 40,000 shares during the last quarter. Bailard Inc. purchased a new position in Salem Media Group during the second quarter worth about $484,000. LMR Partners LLP purchased a new position in Salem Media Group during the second quarter worth about $166,000. Finally, Acadian Asset Management LLC raised its position in 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. Institutional investors and hedge funds own 28.96% of the company’s stock.
In related news, CEO Edward G. Atsinger III acquired 27,553 shares of the stock in a transaction on Wednesday, August 15th. The shares were acquired at an average price of $3.50 per share, with a total value of $96,435.50. Following the completion of the transaction, the chief executive officer now owns 27,553 shares in the company, valued at approximately $96,435.50. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 59.99% of the company’s stock.
Shares of SALM stock opened at $3.17 on Friday. The stock has a market capitalization of $82.99 million, a price-to-earnings ratio of 14.41 and a beta of 1.20. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.05 and a current ratio of 1.07. Salem Media Group Inc has a 52 week low of $2.88 and a 52 week high of $6.35.
Salem Media Group (NASDAQ:SALM) last announced its quarterly earnings data on Wednesday, August 8th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.16). The company had revenue of $66.27 million during the quarter, compared to the consensus estimate of $65.65 million. Salem Media Group had a return on equity of 1.90% and a net margin of 7.98%. Research analysts predict that Salem Media Group Inc will post 0.23 earnings per share for the current year.
Several brokerages have commented on SALM. Zacks Investment Research raised shares of Salem Media Group from a “sell” rating to a “hold” rating in a research report on Wednesday, October 10th. TheStreet lowered shares of Salem Media Group from a “c” rating to a “d+” rating in a research report on Tuesday, August 21st. Noble Financial reaffirmed a “hold” rating on shares of Salem Media Group in a research report on Wednesday, August 15th. Finally, ValuEngine raised shares of Salem Media Group from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $7.63.
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.
Further Reading: Technical Analysis
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