Salem Media Group (NASDAQ:SALM) Rating Lowered to Strong Sell at Zacks Investment Research

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Zacks Investment Research cut shares of Salem Media Group (NASDAQ:SALM) from a hold rating to a strong sell rating in a report released 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. “

SALM has been the subject of a number of other reports. ValuEngine raised Salem Media Group from a sell rating to a hold rating in a research note 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 note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Salem Media Group has a consensus rating of Hold and an average target price of $2.88.

Shares of Salem Media Group stock opened at $1.68 on Friday. 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 12 month low of $1.65 and a 12 month high of $4.24. The business has a fifty day simple moving average of $2.12 and a 200 day simple moving average of $2.36. The stock has a market cap of $44.45 million, a PE ratio of 18.67 and a beta of 1.54.

In related news, CFO Evan D. Masyr sold 11,970 shares of Salem Media Group 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 completion of the sale, the chief financial officer now directly owns 23,068 shares of the company’s stock, valued at $48,673.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 34,108 shares of company stock valued at $76,116. 55.66% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its stake in Salem Media Group by 104.5% in the fourth quarter. Bank of New York Mellon Corp now owns 28,817 shares of the company’s stock valued at $60,000 after acquiring an additional 14,723 shares during the period. Bailard Inc. acquired a new position in Salem Media Group in the first quarter valued at about $72,000. OneAscent Financial Services LLC acquired a new position in Salem Media Group in the second quarter valued at about $91,000. Acadian Asset Management LLC grew its stake in Salem Media Group by 52.9% in the second quarter. Acadian Asset Management LLC now owns 63,327 shares of the company’s stock valued at $153,000 after acquiring an additional 21,922 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Salem Media Group by 19.9% in the second quarter. Renaissance Technologies LLC now owns 192,598 shares of the company’s stock valued at $468,000 after acquiring an additional 32,000 shares during the period. 22.63% of the stock is 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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