Saga Communications (NASDAQ:SGA) Trading Down 0.6% – Here’s Why

Saga Communications, Inc. (NASDAQ:SGA) dropped 0.6% during mid-day trading on Thursday . The stock traded as low as $11.32 and last traded at $11.35. Approximately 18,897 shares were traded during trading, a decline of 10% from the average daily volume of 20,993 shares. The stock had previously closed at $11.42.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SGA. Weiss Ratings reissued a “sell (d+)” rating on shares of Saga Communications in a research note on Wednesday, October 8th. Zacks Research lowered Saga Communications from a “hold” rating to a “strong sell” rating in a report on Monday, November 10th. Two research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, Saga Communications has a consensus rating of “Sell”.

Saga Communications Stock Performance

The stock’s 50-day moving average price is $12.06 and its 200-day moving average price is $12.48. The company has a market capitalization of $73.09 million and a price-to-earnings ratio of 227.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.74 and a current ratio of 2.74.

Saga Communications (NASDAQ:SGA) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.29). The firm had revenue of $28.17 million during the quarter, compared to analyst estimates of $28.30 million. Saga Communications had a return on equity of 0.18% and a net margin of 0.27%. As a group, equities research analysts expect that Saga Communications, Inc. will post 0.23 earnings per share for the current year.

Saga Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Monday, November 24th were given a $0.25 dividend. The ex-dividend date was Monday, November 24th. This represents a $1.00 annualized dividend and a dividend yield of 8.8%. Saga Communications’s payout ratio is currently 2,000.00%.

Hedge Funds Weigh In On Saga Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. grew its position 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 valued at $52,000 after purchasing an additional 2,867 shares during the last quarter. Bank of America Corp DE lifted its stake in 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 buying an additional 16,896 shares in the last quarter. Empowered Funds LLC grew its holdings 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 buying an additional 1,769 shares during the last quarter. Nuveen LLC purchased a new position in Saga Communications during the first quarter worth $529,000. Finally, Mork Capital Management LLC increased its position in Saga Communications by 100.0% during the first quarter. Mork Capital Management LLC now owns 50,000 shares of the company’s stock worth $624,000 after buying an additional 25,000 shares in the last quarter. 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.