Mork Capital Management LLC Increases Stake in Saga Communications, Inc. $SGA

Key Points

• Mork Capital Management LLC has increased its holdings in Saga Communications, Inc. by 100%, owning now 50,000 shares valued at approximately $624,000.
• Saga Communications recently declared a quarterly dividend of $0.25 per share, representing an annualized yield of 8.4%.
• The company reported Q2 earnings of $0.18 EPS, missing the consensus estimate of $0.19, with revenue also slightly below expectations at $28.23 million.

Mork Capital Management LLC lifted its position in Saga Communications, Inc. (NASDAQ:SGA - Free Report) by 100.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,000 shares of the company's stock after purchasing an additional 25,000 shares during the quarter. Mork Capital Management LLC owned about 0.78% of Saga Communications worth $624,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Peapod Lane Capital LLC grew its holdings in shares of Saga Communications by 34.2% in the first quarter. Peapod Lane Capital LLC now owns 203,707 shares of the company's stock valued at $2,540,000 after purchasing an additional 51,884 shares during the period. Nuveen LLC purchased a new stake in Saga Communications in the 1st quarter valued at about $529,000. Gate City Capital Management LLC raised its holdings in Saga Communications by 94.5% in the 4th quarter. Gate City Capital Management LLC now owns 863,845 shares of the company's stock valued at $9,528,000 after buying an additional 419,714 shares during the period. Northern Trust Corp raised its holdings in Saga Communications by 10.4% in the 4th quarter. Northern Trust Corp now owns 13,874 shares of the company's stock valued at $153,000 after buying an additional 1,306 shares during the period. Finally, Jane Street Group LLC purchased a new stake in Saga Communications in the 4th quarter valued at about $115,000. Hedge funds and other institutional investors own 74.28% of the company's stock.

Saga Communications Stock Up 0.7%

Shares of SGA traded up $0.09 during mid-day trading on Thursday, hitting $12.12. 1,677 shares of the company's stock were exchanged, compared to its average volume of 10,706. The company has a market cap of $78.02 million, a price-to-earnings ratio of 36.71 and a beta of 0.35. Saga Communications, Inc. has a fifty-two week low of $10.75 and a fifty-two week high of $15.10. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.76 and a current ratio of 2.76. The stock's 50-day moving average is $12.88 and its 200-day moving average is $12.30.

Saga Communications (NASDAQ:SGA - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). Saga Communications had a return on equity of 1.27% and a net margin of 1.91%.The business had revenue of $28.23 million for the quarter, compared to analyst estimates of $28.55 million. On average, sell-side analysts anticipate that Saga Communications, Inc. will post 0.23 earnings per share for the current fiscal year.

Saga Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Tuesday, August 26th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.3%. Saga Communications's payout ratio is currently 303.03%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen assumed coverage on shares of Saga Communications in a report on Tuesday, May 20th. They issued a "hold" rating on the stock.

Insider Activity at Saga Communications

In other news, major shareholder Edward K. Christian Trust sold 6,269 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $13.05, for a total transaction of $81,810.45. Following the completion of the transaction, the insider directly owned 914,008 shares of the company's stock, valued at approximately $11,927,804.40. The trade was a 0.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 36,093 shares of company stock worth $478,039 over the last three months. Insiders own 22.40% of the company's stock.

Saga Communications Company Profile

Saga Communications, Inc, a media company, engages in acquiring, developing, and operating broadcast properties in the United States. The company's radio stations employ various programming formats, including classic hits, country, classic country, hot/soft/urban adult contemporary, oldies, classic rock, rock, and news/talk.