Short Interest in Saga Communications, Inc. (NASDAQ:SGA) Increases By 28.3%

Key Points

• Saga Communications experienced a significant increase in short interest, with totals rising by 28.3% in August to 7,700 shares.
• The company recently reported $0.18 EPS, falling short of analyst estimates, while also announcing a quarterly dividend of $0.25 per share.
• Insiders have sold a total of 36,468 shares worth approximately $482,798 over the last three months, indicating potential shifts in shareholder confidence.

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) saw a significant increase in short interest in the month of August. As of August 15th, there was short interest totaling 7,700 shares, an increase of 28.3% from the July 31st total of 6,000 shares. Currently, 0.2% of the shares of the company are short sold. Based on an average daily volume of 9,700 shares, the days-to-cover ratio is currently 0.8 days. Based on an average daily volume of 9,700 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.2% of the shares of the company are short sold.

Analyst Ratings Changes

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.

Saga Communications Price Performance

SGA stock traded down $0.04 during trading on Friday, reaching $12.00. 3,341 shares of the company were exchanged, compared to its average volume of 10,255. The company has a market cap of $77.28 million, a P/E ratio of 36.36 and a beta of 0.35. Saga Communications has a 52-week low of $10.75 and a 52-week high of $15.10. The stock's 50 day moving average price is $12.84 and its 200 day moving average price is $12.31. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.76 and a current ratio of 2.76.

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

Saga Communications Announces Dividend

The company 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 $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Saga Communications's payout ratio is currently 303.03%.

Insider Buying and Selling

In other Saga Communications news, major shareholder Edward K. Christian Trust sold 6,269 shares of Saga Communications stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $13.05, for a total value of $81,810.45. Following the transaction, the insider directly owned 914,008 shares in the company, valued at approximately $11,927,804.40. The trade was a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 36,093 shares of company stock valued at $478,039 in the last quarter. Insiders own 21.90% of the company's stock.

Hedge Funds Weigh In On Saga Communications

Several institutional investors and hedge funds have recently bought and sold shares of SGA. Osaic Holdings Inc. increased its position in Saga Communications by 256.7% during the second quarter. Osaic Holdings Inc. now owns 3,984 shares of the company's stock worth $52,000 after purchasing an additional 2,867 shares during the last quarter. Jane Street Group LLC acquired a new position in Saga Communications during the fourth quarter worth approximately $115,000. Northern Trust Corp increased its position in Saga Communications by 10.4% during the fourth quarter. Northern Trust Corp now owns 13,874 shares of the company's stock worth $153,000 after purchasing an additional 1,306 shares during the last quarter. Empowered Funds LLC increased its position in Saga Communications by 6.2% during the first quarter. Empowered Funds LLC now owns 30,406 shares of the company's stock worth $379,000 after purchasing an additional 1,769 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Saga Communications during the first quarter worth approximately $529,000. Institutional investors and hedge funds own 74.28% 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.