Short Interest in Saga Communications, Inc. (NASDAQ:SGA) Decreases By 67.8%

Key Points

• Short interest fell 67.8% to 4,227 shares as of August 31, representing about 0.1% of Saga Communications’ outstanding shares and a days-to-cover ratio of 0.3.
• Analysts maintain a cautious outlook, with two Hold ratings and one Sell rating producing a consensus rating of “Reduce.” Shares recently traded at $9.13, near the 50-day moving average and below the 200-day average.
• Saga reported quarterly EPS of $0.15, beating the consensus estimate of a $0.18 loss, while revenue reached $26.4 million. The company also declared a $0.25 quarterly dividend, implying an annualized yield of approximately 11.0%.

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) was the recipient of a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 4,227 shares, a drop of 67.8% from the August 15th total of 13,144 shares. Approximately 0.1% of the company's shares are short sold. Based on an average daily volume of 16,004 shares, the days-to-cover ratio is currently 0.3 days.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (d)" rating on shares of Saga Communications in a research report on Monday, August 17th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce".

Saga Communications Price Performance

Shares of Saga Communications stock traded up $0.23 on Friday, hitting $9.13. 6,683 shares of the company's stock traded hands, compared to its average volume of 18,125. The firm's 50-day moving average price is $9.12 and its two-hundred day moving average price is $10.08. The stock has a market capitalization of $58.07 million, a PE ratio of -6.62 and a beta of -0.11. Saga Communications has a one year low of $8.24 and a one year high of $13.19.

Saga Communications (NASDAQ:SGA - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.33. Saga Communications had a positive return on equity of 3.87% and a negative net margin of 8.55%.The business had revenue of $26.40 million for the quarter, compared to analyst estimates of $25.50 million.

Saga Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Wednesday, September 23rd will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 11.0%. The ex-dividend date of this dividend is Wednesday, September 23rd. Saga Communications's dividend payout ratio is presently -72.46%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. increased its holdings in shares of Saga Communications by 256.7% in the second quarter. Osaic Holdings Inc. now owns 3,984 shares of the company's stock worth $52,000 after acquiring an additional 2,867 shares in the last quarter. LPL Financial LLC bought a new position in shares of Saga Communications during the 4th quarter valued at about $163,000. Bank of America Corp DE grew its position in shares of Saga Communications by 30,720.0% in the 3rd quarter. Bank of America Corp DE now owns 16,951 shares of the company's stock valued at $211,000 after purchasing an additional 16,896 shares during the period. Marquette Asset Management LLC acquired a new position in shares of Saga Communications in the 2nd quarter valued at approximately $257,000. Finally, Empowered Funds LLC increased its stake in Saga Communications by 6.2% during the 1st quarter. Empowered Funds LLC now owns 30,406 shares of the company's stock worth $379,000 after purchasing an additional 1,769 shares in the last quarter. 74.28% of the stock is currently owned by institutional investors.

Saga Communications Company Profile

Saga Communications, Inc NASDAQ: SGA is an independent radio broadcasting company that owns and operates a portfolio of local radio stations across the United States. Headquartered in Grosse Pointe Farms, Michigan, the company focuses on full‐service radio properties offering a variety of formats, including music, news‐talk and sports programming. In addition to traditional over‐the‐air broadcasts, Saga leverages web streaming and mobile platforms to broaden listener reach and provide advertisers with multimedia opportunities.

Founded in 1985 by Edward J.

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