Entercom Communications Corporation (NYSE:ETM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday, June 30th.
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. “
A number of other brokerages also recently weighed in on ETM. TheStreet downgraded Entercom Communications Corporation from a “b” rating to a “c” rating in a research report on Monday, May 8th. ValuEngine downgraded Entercom Communications Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Noble Financial restated a “buy” rating on shares of Entercom Communications Corporation in a report on Thursday, May 11th.
Shares of Entercom Communications Corporation (NYSE ETM) traded down 3.40% during mid-day trading on Friday, reaching $9.95. The company had a trading volume of 686,155 shares. The company has a market capitalization of $405.08 million, a price-to-earnings ratio of 17.58 and a beta of 1.18. Entercom Communications Corporation has a 12 month low of $9.50 and a 12 month high of $16.55. The firm’s 50-day moving average is $10.02 and its 200 day moving average is $12.49.
Entercom Communications Corporation (NYSE:ETM) last announced its quarterly earnings results on Friday, July 28th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.07. The firm had revenue of $125 million for the quarter, compared to the consensus estimate of $121.42 million. Entercom Communications Corporation had a return on equity of 8.79% and a net margin of 5.27%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 earnings per share. On average, equities research analysts predict that Entercom Communications Corporation will post $0.97 earnings per share for the current year.
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In related news, Chairman Joseph M. Field purchased 135,832 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was acquired at an average cost of $9.73 per share, for a total transaction of $1,321,645.36. Following the completion of the purchase, the chairman now owns 1,006,844 shares in the company, valued at approximately $9,796,592.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Joseph M. Field purchased 4,793 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was bought at an average price of $9.95 per share, with a total value of $47,690.35. Following the completion of the purchase, the chairman now owns 1,006,844 shares of the company’s stock, valued at approximately $10,018,097.80. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 583,087 shares of company stock valued at $5,775,962. Corporate insiders own 32.57% of the company’s stock.
Several large investors have recently modified their holdings of ETM. Aperio Group LLC bought a new stake in shares of Entercom Communications Corporation during the second quarter valued at about $134,000. Good Life Advisors LLC bought a new stake in shares of Entercom Communications Corporation during the first quarter valued at about $189,000. Bowling Portfolio Management LLC acquired a new stake in Entercom Communications Corporation during the first quarter valued at $193,000. American International Group Inc. boosted its stake in Entercom Communications Corporation by 7.1% in the first quarter. American International Group Inc. now owns 15,990 shares of the company’s stock valued at $229,000 after buying an additional 1,065 shares during the last quarter. Finally, Verity Asset Management Inc. acquired a new stake in Entercom Communications Corporation during the first quarter valued at $231,000. Institutional investors and hedge funds own 50.01% of the company’s stock.
About Entercom Communications Corporation
Entercom Communications Corp. is a radio broadcasting company. The Company sells advertising time to local, regional and national advertisers and national network advertisers, purchasing spot commercials in varying lengths. It focuses on station-related digital platforms, which allow for audience interaction and participation, and integrated local digital marketing solutions and station events.
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