Salem Media Group (NASDAQ:SALM- Get a rating) has been upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report released Thursday, Zacks.com reports. The brokerage currently has a target price of $3.75 on the stock. Zacks Investment ResearchThe company’s price target would point to a potential upside of 7.14% from the company’s previous close.
According to Zacks, “Salem Media Group, Inc. is a broadcaster, Internet content provider, and magazine and book publisher specializing in Christian and conservative content. Its operating segment includes broadcast, digital media and Publishing.The Broadcasting segment is engaged in the ownership and operation of radio stations in metropolitan markets.The Digital Media segment is focused on the web-designed platform.The Publishing segment includes 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 stock analysts have also published reports on SALM. StockNews.com upgraded Salem Media Group from a “hold” rating to a “buy” rating in a report released Monday. UBS Group began covering Salem Media Group in a research report on Tuesday, December 21. They issued a “buy” rating on the stock.
NASDAQ:SALM opened at $3.50 on Thursday. The 50-day moving average price of the stock is $3.39. Salem Media Group has a 52-week minimum of $1.69 and a 52-week maximum of $6.82. The stock has a market capitalization of $94.45 million, a P/E ratio of 2.32 and a beta of 1.13. The company has a quick ratio of 1.30, a current ratio of 1.32 and a debt ratio of 1.30.
Salem Media Group (NASDAQ:SALM- Get a rating) last released its quarterly earnings data on Thursday, March 3. The company reported earnings per share (EPS) of $0.61 for the quarter, beating the consensus estimate of $0.06 by $0.55. Salem Media Group achieved a return on equity of 17.12% and a net margin of 16.08%. In the same quarter of the previous year, the company made earnings per share of $0.09. Equity research analysts expect Salem Media Group to post EPS of 0.04 for the current fiscal year.
A number of institutional investors and hedge funds have recently changed their positions in the stock. Barclays PLC increased its equity stake in Salem Media Group by 1,108.6% during the 4th quarter. Barclays PLC now owns 100,000 shares in the company worth $306,000 after acquiring an additional 91,726 shares during the period. Virtu Financial LLC increased its position in Salem Media Group shares by 59.8% during the fourth quarter. Virtu Financial LLC now owns 32,251 shares of the company valued at $99,000 after purchasing an additional 12,074 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Salem Media Group during the fourth quarter worth approximately $519,000. Millennium Management LLC increased its position in Salem Media Group by 221.9% in the fourth quarter. Millennium Management LLC now owns 74,704 shares of the company worth $229,000 after acquiring an additional 51,500 shares during the period. Finally, Citadel Advisors LLC increased its position in Salem Media Group by 192.7% in the fourth quarter. Citadel Advisors LLC now owns 62,696 shares of the company worth $192,000 after acquiring an additional 41,274 shares during the period. Institutional investors and hedge funds hold 12.26% of the company’s shares.
About Salem Media Group (Get a rating)
Salem Media Group, Inc is engaged in the provision of specialty media in Christian and conservative content. It operates through the following segments: Broadcast, Digital Media and Publishing. The Broadcast segment owns and operates radio stations in major metropolitan markets, which include national and local programming content.
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