Saga Communications, Inc. (NASDAQ:SGA) Sees Significant Drop in Short Interest

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 5,000 shares, a drop of 38.3% from the March 31st total of 8,100 shares. Based on an average trading volume of 12,800 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.1% of the company's stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Gate City Capital Management LLC acquired a new position in Saga Communications during the fourth quarter worth about $10,195,000. Lokken Investment Group LLC purchased a new position in Saga Communications in the 4th quarter worth about $200,000. Acuitas Investments LLC increased its stake in Saga Communications by 18.9% in the 4th quarter. Acuitas Investments LLC now owns 123,392 shares of the company's stock worth $2,747,000 after purchasing an additional 19,650 shares in the last quarter. Significant Wealth Partners LLC purchased a new position in Saga Communications in the 4th quarter worth about $1,180,000. Finally, Arlington Trust Co LLC purchased a new position in Saga Communications in the 4th quarter worth about $45,000. 74.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Saga Communications from a "buy" rating to a "hold" rating in a research report on Friday, January 26th.

Saga Communications Stock Up 0.5 %

SGA stock traded up $0.11 during mid-day trading on Friday, reaching $23.41. The company had a trading volume of 3,016 shares, compared to its average volume of 9,460. The stock has a market capitalization of $146.55 million, a P/E ratio of 15.40 and a beta of 0.41. Saga Communications has a one year low of $18.89 and a one year high of $27.00. The stock's 50-day simple moving average is $22.91 and its two-hundred day simple moving average is $22.19.

Saga Communications (NASDAQ:SGA - Get Free Report) last posted its earnings results on Thursday, March 7th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.06. Saga Communications had a return on equity of 5.34% and a net margin of 8.42%. The company had revenue of $29.15 million for the quarter, compared to analysts' expectations of $28.50 million. On average, research analysts forecast that Saga Communications will post 1.65 EPS for the current fiscal year.

Saga Communications Cuts Dividend

The business also recently disclosed a None dividend, which was paid on Friday, April 5th. Investors of record on Monday, March 18th were paid a dividend of $0.60 per share. The ex-dividend date was Friday, March 15th. Saga Communications's dividend payout ratio is currently 65.79%.

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.

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