Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) was the recipient of a significant decline in short interest in May. As of May 31st, there was short interest totalling 11,200 shares, a decline of 32.9% from the May 15th total of 16,700 shares. Based on an average daily volume of 7,100 shares, the short-interest ratio is presently 1.6 days. Currently, 0.3% of the company's stock are short sold.
Insider Buying and Selling
In other news, major shareholder Edward K. Christian Trust sold 9,583 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $12.72, for a total value of $121,895.76. Following the transaction, the insider now owns 927,125 shares of the company's stock, valued at approximately $11,793,030. The trade was a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 10,074 shares of company stock worth $128,110. Corporate insiders own 22.40% of the company's stock.
Hedge Funds Weigh In On Saga Communications
Several institutional investors and hedge funds have recently made changes to their positions in the business. Empowered Funds LLC boosted 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 valued at $379,000 after acquiring an additional 1,769 shares during the last quarter. Mork Capital Management LLC grew its stake in Saga Communications by 100.0% in the first quarter. Mork Capital Management LLC now owns 50,000 shares of the company's stock worth $624,000 after purchasing an additional 25,000 shares in the last quarter. Nuveen LLC bought a new stake in Saga Communications in the first quarter valued at about $529,000. Peapod Lane Capital LLC lifted its holdings in Saga Communications by 34.2% during the 1st quarter. Peapod Lane Capital LLC now owns 203,707 shares of the company's stock worth $2,540,000 after buying an additional 51,884 shares during the last quarter. Finally, Gate City Capital Management LLC lifted its holdings in Saga Communications by 94.5% during the 4th quarter. Gate City Capital Management LLC now owns 863,845 shares of the company's stock worth $9,528,000 after buying an additional 419,714 shares during the last quarter. 74.28% of the stock is currently owned by hedge funds and other institutional investors.
Saga Communications Trading Down 0.7%
Saga Communications stock traded down $0.09 during midday trading on Friday, reaching $12.13. The stock had a trading volume of 4,926 shares, compared to its average volume of 15,383. Saga Communications has a twelve month low of $10.75 and a twelve month high of $16.57. The stock's 50-day simple moving average is $11.94 and its 200 day simple moving average is $11.96. The stock has a market capitalization of $78.12 million, a PE ratio of 22.05 and a beta of 0.27. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.72 and a current ratio of 2.72.
Saga Communications (NASDAQ:SGA - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.08. The firm had revenue of $24.21 million for the quarter, compared to the consensus estimate of $23.00 million. Saga Communications had a net margin of 3.15% and a return on equity of 2.09%. Analysts expect that Saga Communications will post 0.23 EPS for the current year.
Saga Communications Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 8.24%. The ex-dividend date of this dividend is Friday, June 6th. Saga Communications's dividend payout ratio is currently 181.82%.
Analyst Upgrades and Downgrades
Separately, Wall Street Zen began coverage on shares of Saga Communications in a report on Tuesday, May 20th. They issued a "hold" rating for the company.
Get Our Latest Research Report on Saga Communications
Saga Communications Company Profile
(
Get Free Report)
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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