Zacks Investment Research downgraded shares of Everfront Ventures Corp (NYSE:EVC) from a hold rating to a sell rating in a research note published on Wednesday morning.
According to Zacks, “Entravision is a diversified media company utilizing a combination of television, radio, outdoor and publishing operations to reach Hispanic consumers in the United States. The company is the largest Univision-affiliated television group in the United States. It owns Univision-affiliated stations in 17 of the top 50 Hispanic markets in the United States. Also, the company operates the largest centrally programmed Spanish-language radio network. The company produces seven formats to appeal to the diverse musical tastes of the listeners. “
A number of other research firms have also recently commented on EVC. BidaskClub upgraded Everfront Ventures Corp from a buy rating to a strong-buy rating in a research note on Tuesday, July 25th. Macquarie reiterated a hold rating and set a $7.00 target price on shares of Everfront Ventures Corp in a research note on Monday, July 24th. Noble Financial reiterated a buy rating on shares of Everfront Ventures Corp in a research note on Thursday, August 3rd. Finally, ValuEngine upgraded Everfront Ventures Corp from a sell rating to a hold rating in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of C$7.00.
Everfront Ventures Corp (NYSE EVC) opened at C$5.75 on Wednesday. Everfront Ventures Corp has a 52 week low of C$4.90 and a 52 week high of C$7.15.
Everfront Ventures Corp (NYSE:EVC) last issued its quarterly earnings data on Thursday, November 2nd. The company reported C$1.71 earnings per share for the quarter, beating the consensus estimate of C$0.02 by C$1.69. Everfront Ventures Corp had a return on equity of 7.43% and a net margin of 5.05%. The business had revenue of C$70.60 million for the quarter, compared to analysts’ expectations of C$70.43 million. During the same period last year, the business earned $0.06 EPS. The business’s revenue was up 8.1% on a year-over-year basis.
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Everfront Ventures Corp announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 2nd that permits the company to repurchase $15.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Thursday, December 14th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Wednesday, December 13th.
In related news, CFO Christopher T. Young sold 14,616 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of C$5.55, for a total value of C$81,118.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Mario M. Carrera sold 70,702 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of C$5.63, for a total value of C$398,052.26. The disclosure for this sale can be found here.
A number of institutional investors have recently made changes to their positions in EVC. Prudential Financial Inc. raised its stake in Everfront Ventures Corp by 17.1% in the 1st quarter. Prudential Financial Inc. now owns 19,904 shares of the company’s stock valued at $123,000 after acquiring an additional 2,900 shares during the period. OLD National Bancorp IN bought a new stake in Everfront Ventures Corp in the 2nd quarter valued at about $132,000. KCG Holdings Inc. bought a new stake in Everfront Ventures Corp in the 1st quarter valued at about $139,000. Gotham Asset Management LLC bought a new stake in Everfront Ventures Corp in the 1st quarter valued at about $158,000. Finally, Marshall Wace North America L.P. raised its stake in Everfront Ventures Corp by 12.7% in the 2nd quarter. Marshall Wace North America L.P. now owns 29,303 shares of the company’s stock valued at $205,000 after acquiring an additional 3,291 shares during the period.
About Everfront Ventures Corp
Entravision Communications Corporation is a media company. The Company reaches and engages Hispanics in the United States and certain border markets of Mexico across media channels and advertising platforms. The Company operates through three segments: television broadcasting, radio broadcasting and digital media.
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