Saga Communications, Inc. (NASDAQ:SGA) Sees Large Growth in Short Interest

Saga Communications, Inc. (NASDAQ:SGA) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 9,979 shares, a growth of 136.1% from the August 31st total of 4,227 shares. Based on an average daily volume of 13,634 shares, the days-to-cover ratio is currently 0.7 days. Approximately 0.2% of the company’s stock are short sold.

Institutional Investors Weigh In On Saga Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in SGA. Dimensional Fund Advisors LP grew its position in Saga Communications by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 350,655 shares of the company’s stock worth $4,103,000 after purchasing an additional 1,393 shares during the period. Empowered Funds LLC lifted its holdings in shares of Saga Communications by 6.3% during the 1st quarter. Empowered Funds LLC now owns 35,972 shares of the company’s stock valued at $421,000 after buying an additional 2,121 shares during the period. Finally, Marquette Asset Management LLC purchased a new position in shares of Saga Communications in the 2nd quarter worth $257,000. Hedge funds and other institutional investors own 74.28% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Saga Communications in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce”.

Saga Communications Price Performance

Shares of Saga Communications stock traded down $0.01 during trading on Friday, hitting $8.60. 2,928 shares of the company’s stock traded hands, compared to its average volume of 14,618. Saga Communications has a 1 year low of $8.24 and a 1 year high of $13.19. The business has a 50-day simple moving average of $9.09 and a 200-day simple moving average of $9.87. The stock has a market capitalization of $54.68 million, a P/E ratio of -6.23 and a beta of -0.11.

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

Saga Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Wednesday, September 23rd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 11.6%. The ex-dividend date of this dividend is Wednesday, September 23rd. Saga Communications’s payout ratio is presently -72.46%.

Saga Communications Company Profile

Saga Communications, Inc is a radio broadcasting company that owns and operates radio stations in markets across the United States. Its stations provide locally focused programming, including news, talk, sports, and music formats, and generate revenue primarily through the sale of advertising and related promotional services.

In addition to traditional AM and FM broadcasting, Saga’s operations include digital media and other services intended to help advertisers reach local audiences across multiple platforms.