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

Saga Communications, Inc. (NASDAQ:SGA) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 12,811 shares, an increase of 128.1% from the June 30th total of 5,617 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average trading volume of 11,041 shares, the days-to-cover ratio is currently 1.2 days.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SGA. Weiss Ratings downgraded Saga Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Noble Financial downgraded shares of Saga Communications from a “strong-buy” rating to a “market perform” rating in a report on Monday, May 11th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Saga Communications Stock Up 0.6%

NASDAQ SGA traded up $0.05 during trading on Tuesday, reaching $8.58. 1,094 shares of the company’s stock traded hands, compared to its average volume of 12,413. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.81 and a quick ratio of 2.81. The firm has a market cap of $54.60 million, a price-to-earnings ratio of -6.36 and a beta of -0.10. The company’s 50 day simple moving average is $9.05 and its two-hundred day simple moving average is $10.57. Saga Communications has a 12-month low of $8.24 and a 12-month high of $13.51.

Saga Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 22nd were paid a $0.25 dividend. The ex-dividend date was Friday, May 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 11.7%. Saga Communications’s dividend payout ratio (DPR) is -74.07%.

Hedge Funds Weigh In On Saga Communications

Several hedge funds have recently made changes to their positions in SGA. Marquette Asset Management LLC purchased a new stake in Saga Communications in the second quarter valued at $257,000. Bank of America Corp DE raised its stake in shares of Saga Communications by 30,720.0% during 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 during the last quarter. LPL Financial LLC purchased a new position in shares of Saga Communications during the 4th quarter valued at about $163,000. Osaic Holdings Inc. lifted its holdings in shares of Saga Communications by 256.7% in the 2nd quarter. Osaic Holdings Inc. now owns 3,984 shares of the company’s stock valued at $52,000 after buying an additional 2,867 shares during the period. Finally, Empowered Funds LLC lifted its holdings in shares of Saga Communications by 6.3% in 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. 74.28% of the stock is owned by institutional investors and hedge funds.

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.