Analysts Anticipate Salem Media Group Inc (NASDAQ:SALM) Will Announce Quarterly Sales of $65.09 Million

Brokerages expect Salem Media Group Inc (NASDAQ:SALM) to post sales of $65.09 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Salem Media Group’s earnings, with the highest sales estimate coming in at $65.90 million and the lowest estimate coming in at $64.28 million. Salem Media Group reported sales of $66.27 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 1.8%. The firm is expected to report its next earnings report on Wednesday, August 14th.

On average, analysts expect that Salem Media Group will report full year sales of $254.18 million for the current financial year, with estimates ranging from $254.10 million to $254.26 million. For the next financial year, analysts forecast that the company will post sales of $0.00. Zacks’ sales calculations are an average based on a survey of research analysts that cover Salem Media Group.

Salem Media Group (NASDAQ:SALM) last issued its quarterly earnings results on Friday, May 10th. The company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.03. Salem Media Group had a positive return on equity of 1.21% and a negative net margin of 1.43%. The firm had revenue of $60.47 million during the quarter, compared to the consensus estimate of $61.12 million.

A number of analysts have recently issued reports on SALM shares. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Zacks Investment Research cut shares of Hess Midstream Partners from a “hold” rating to a “sell” rating in a report on Tuesday, May 14th. Noble Financial set a $4.00 target price on shares of Salem Media Group and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, TheStreet upgraded shares of Vectrus from a “c+” rating to a “b” rating in a research report on Monday, April 15th. 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 stock. Salem Media Group has an average rating of “Hold” and an average price target of $3.25.

In related news, CFO Evan D. Masyr sold 11,970 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $2.11, for a total value of $25,256.70. Following the completion of the sale, the chief financial officer now owns 23,068 shares of the company’s stock, valued at $48,673.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 45,881 shares of company stock valued at $104,855 over the last 90 days. 55.66% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Bailard Inc. purchased a new position in shares of Salem Media Group during the first quarter worth approximately $72,000. Bank of New York Mellon Corp raised its stake in Salem Media Group by 104.5% in the 4th quarter. Bank of New York Mellon Corp now owns 28,817 shares of the company’s stock valued at $60,000 after purchasing an additional 14,723 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in Salem Media Group in the 4th quarter valued at about $211,000. Finally, Ancora Advisors LLC grew its holdings in Salem Media Group by 55.9% in the 4th quarter. Ancora Advisors LLC now owns 408,915 shares of the company’s stock valued at $855,000 after buying an additional 146,564 shares during the period. 24.62% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SALM stock traded up $0.03 during trading hours on Monday, hitting $2.17. 38,954 shares of the company were exchanged, compared to its average volume of 58,340. Salem Media Group has a 52-week low of $1.85 and a 52-week high of $5.50. The firm has a market cap of $56.82 million, a PE ratio of 24.11 and a beta of 1.56. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.60 and a quick ratio of 0.59. The company’s fifty day moving average price is $2.29.

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 11.98%. The ex-dividend date was Thursday, June 13th. Salem Media Group’s dividend payout ratio is currently 288.89%.

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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