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

Saga Communications, Inc. (NASDAQ:SGA) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 12,600 shares, an increase of 113.6% from the February 28th total of 5,900 shares. Approximately 0.3% of the shares of the company are short sold. Based on an average daily trading volume, of 22,800 shares, the days-to-cover ratio is currently 0.6 days.

Insider Activity at Saga Communications

In related news, major shareholder Gate City Capital Management, purchased 240,609 shares of the firm’s stock in a transaction on Tuesday, December 31st. The shares were acquired at an average cost of $11.25 per share, with a total value of $2,706,851.25. Following the purchase, the insider now directly owns 863,845 shares of the company’s stock, valued at approximately $9,718,256.25. This trade represents a 38.61 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Edward K. Christian Trust sold 5,000 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $12.56, for a total value of $62,800.00. Following the sale, the insider now directly owns 938,250 shares of the company’s stock, valued at approximately $11,784,420. This trade represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,400 shares of company stock worth $193,575. 21.90% of the stock is owned by company insiders.

Institutional Trading of Saga Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Gate City Capital Management LLC increased its holdings in Saga Communications by 94.5% in the 4th quarter. Gate City Capital Management LLC now owns 863,845 shares of the company’s stock worth $9,528,000 after acquiring an additional 419,714 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Saga Communications by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 354,831 shares of the company’s stock valued at $3,914,000 after buying an additional 1,770 shares during the period. Peapod Lane Capital LLC purchased a new position in Saga Communications in the fourth quarter worth approximately $1,675,000. Bridgeway Capital Management LLC increased its position in shares of Saga Communications by 1.1% during the 4th quarter. Bridgeway Capital Management LLC now owns 78,053 shares of the company’s stock worth $861,000 after purchasing an additional 847 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Saga Communications by 8.9% in the 4th quarter. Geode Capital Management LLC now owns 58,432 shares of the company’s stock valued at $645,000 after acquiring an additional 4,753 shares during the period. Institutional investors and hedge funds own 74.28% of the company’s stock.

Saga Communications Trading Down 4.3 %

Shares of SGA stock traded down $0.55 during trading hours on Friday, reaching $12.19. The company’s stock had a trading volume of 4,283 shares, compared to its average volume of 17,329. The firm’s fifty day simple moving average is $12.15 and its 200 day simple moving average is $12.76. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $76.32 million, a P/E ratio of 16.93 and a beta of 0.27. Saga Communications has a one year low of $10.75 and a one year high of $23.56.

Saga Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Tuesday, February 18th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 8.20%. The ex-dividend date of this dividend was Tuesday, February 18th. Saga Communications’s payout ratio is 181.82%.

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.