Beasley Broadcast Group soars after hitting all-time low
Beasley Broadcast Group, Inc. (Nasdaq: BBGI) shares are soaring despite any major news from the 46-year-old radio station operator. After plummeting to an all-time intraday low of $4.86 on Dec. 19, shares of the Naples, Fla.-based company have been picking up steam.
The turnaround may be fueled by a cash dividend announced on Dec. 14. The dividend, $0.0625 for each share of common stock, is payable on Jan. 18 to shareholders of record on Dec. 31.
The stock’s previous plunge was prompted by a C.L. King analyst who said the radio industry’s revenue may have dipped 4% to 5% during November.
"After six consecutive monthly decreases, it appears November continued the difficult months for radio," C.L. King analyst James Boyle wrote to clients. “Not enough larger groups are changing much to stem audience erosion or ad share attrition or to prop up rate card discipline and surmount the biggest problem, weak advertiser demand, we suspect," he said.”
In afternoon trading, BBGI shares are up 23.28%, or $1.20, at $6.35. Over the last 52 weeks, shares have ranged from $4.60 to $9.63.
About the Author
Reporter Will Atkinson is based in SmallCapInvestor.com's Washington, D.C. bureau.
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