Entercom Communications (NYSE:ETM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Entercom Communications is the fourth largest radio broadcasting company in the United States. The company has built a highly consolidated portfolio of radio stations concentrated primarily in top 50 markets with above average growth characteristics. The company’s portfolio of radio stations is geographically diverse and offers a wide variety of programming formats. The company believes that geographic diversity will reduce the effect of economic downturn, while wide range of programming formats lessens the impact of changes in listening preferences. “
ETM has been the topic of a number of other research reports. Stephens lowered their price target on Entercom Communications from $12.00 to $8.00 and set a “hold” rating on the stock in a research report on Monday, June 4th. ValuEngine downgraded Entercom Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Finally, Noble Financial downgraded Entercom Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, May 9th.
ETM stock traded up $0.25 during mid-day trading on Tuesday, reaching $7.60. 933,200 shares of the company’s stock were exchanged, compared to its average volume of 2,165,448. The company has a market capitalization of $1.05 billion, a P/E ratio of -16.89 and a beta of 0.93. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 1.12. Entercom Communications has a 12-month low of $6.30 and a 12-month high of $12.43.
Entercom Communications (NYSE:ETM) last issued its quarterly earnings results on Wednesday, August 8th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.40. The company had revenue of $372.10 million for the quarter, compared to the consensus estimate of $379.40 million. Entercom Communications had a negative return on equity of 1.62% and a net margin of 21.63%. Entercom Communications’s revenue for the quarter was up 197.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.15 earnings per share. research analysts predict that Entercom Communications will post 0.99 earnings per share for the current fiscal year.
In other news, Chairman Joseph M. Field bought 400,000 shares of Entercom Communications stock in a transaction on Monday, June 4th. The stock was acquired at an average price of $6.92 per share, with a total value of $2,768,000.00. Following the completion of the acquisition, the chairman now directly owns 3,538,937 shares of the company’s stock, valued at $24,489,444.04. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Joseph M. Field bought 370,000 shares of Entercom Communications stock in a transaction on Friday, June 22nd. The shares were purchased at an average cost of $7.79 per share, with a total value of $2,882,300.00. Following the acquisition, the chairman now directly owns 3,538,937 shares of the company’s stock, valued at $27,568,319.23. The disclosure for this purchase can be found here. Insiders have acquired 1,220,000 shares of company stock valued at $8,833,300 in the last three months. Insiders own 10.19% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Private Advisor Group LLC acquired a new position in shares of Entercom Communications during the first quarter valued at approximately $106,000. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Entercom Communications by 170.0% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 12,870 shares of the company’s stock valued at $124,000 after acquiring an additional 8,103 shares during the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of Entercom Communications by 82.3% during the first quarter. Xact Kapitalforvaltning AB now owns 23,700 shares of the company’s stock valued at $229,000 after acquiring an additional 10,700 shares during the last quarter. Aperio Group LLC increased its holdings in shares of Entercom Communications by 108.4% in the second quarter. Aperio Group LLC now owns 25,031 shares of the company’s stock valued at $189,000 after purchasing an additional 13,020 shares during the last quarter. Finally, Newport Trust Co acquired a new stake in shares of Entercom Communications in the first quarter valued at approximately $314,000. 87.67% of the stock is owned by institutional investors and hedge funds.
Entercom Communications Company Profile
Entercom Communications Corp. operates as a radio broadcasting company in the United States. The company owns and operates radio stations in various formats, such as news, sports, talk, classic rock, urban, adult contemporary, alternative, country, and others. As of February 20, 2018, it had a portfolio of approximately 235 radio stations, digital platforms, and live events.
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