BlackRock Inc. lowered its stake in shares of Salem Media Group Inc (NASDAQ:SALM) by 58.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 368,008 shares of the company’s stock after selling 516,616 shares during the quarter. BlackRock Inc. owned approximately 1.41% of Salem Media Group worth $1,895,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its position in Salem Media Group by 470.8% during the 2nd quarter. Acadian Asset Management LLC now owns 23,701 shares of the company’s stock valued at $122,000 after purchasing an additional 19,549 shares during the period. LMR Partners LLP acquired a new position in Salem Media Group during the 2nd quarter worth $166,000. Dimensional Fund Advisors LP boosted its position in Salem Media Group by 3.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,201,725 shares of the company’s stock worth $4,326,000 after acquiring an additional 42,216 shares during the period. Bailard Inc. acquired a new position in Salem Media Group during the 2nd quarter worth $484,000. Finally, North Star Investment Management Corp. boosted its position in Salem Media Group by 13.1% during the 2nd quarter. North Star Investment Management Corp. now owns 345,725 shares of the company’s stock worth $1,780,000 after acquiring an additional 40,000 shares during the period. Institutional investors and hedge funds own 28.55% of the company’s stock.

Shares of SALM stock opened at $2.97 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 1.06. Salem Media Group Inc has a 1 year low of $2.88 and a 1 year high of $6.25. The firm has a market cap of $79.85 million, a price-to-earnings ratio of 13.50 and a beta of 1.20.

Salem Media Group (NASDAQ:SALM) last announced its quarterly earnings results on Wednesday, November 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.03. Salem Media Group had a return on equity of 2.42% and a net margin of 8.46%. The company had revenue of $65.53 million during the quarter, compared to analyst estimates of $65.85 million. Equities analysts expect that Salem Media Group Inc will post 0.23 EPS for the current year.

SALM has been the subject of a number of analyst reports. Noble Financial reiterated a “hold” rating on shares of Salem Media Group in a research report on Wednesday, August 15th. TheStreet lowered Salem Media Group from a “c” rating to a “d+” rating in a research report on Tuesday, August 21st. Zacks Investment Research upgraded Salem Media Group from a “sell” rating to a “hold” rating in a research report on Wednesday, October 10th. Finally, ValuEngine upgraded Salem Media Group from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Salem Media Group currently has an average rating of “Hold” and a consensus target price of $7.63.

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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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Institutional Ownership by Quarter for Salem Media Group (NASDAQ:SALM)

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