Entercom Communications Corp. (NYSE:ETM) has been assigned a consensus broker rating score of 1.67 (Buy) from the three analysts that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation and two have assigned a strong buy recommendation to the company.
Brokerages have set a 1-year consensus price target of $14.00 for the company, according to Zacks. Zacks has also assigned Entercom Communications an industry rank of 175 out of 265 based on the ratings given to related companies.
A number of brokerages recently issued reports on ETM. Noble Financial reiterated a “buy” rating on shares of Entercom Communications in a report on Monday, November 27th. Zacks Investment Research upgraded shares of Entercom Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, January 18th. Finally, ValuEngine cut shares of Entercom Communications from a “buy” rating to a “hold” rating in a report on Friday, February 2nd.
Entercom Communications announced that its Board of Directors has initiated a share buyback program on Thursday, November 2nd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 22.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
In other Entercom Communications news, Chairman Joseph M. Field acquired 50,000 shares of the firm’s stock in a transaction that occurred on Friday, November 24th. The stock was purchased at an average cost of $11.79 per share, for a total transaction of $589,500.00. Following the completion of the acquisition, the chairman now owns 3,762,621 shares of the company’s stock, valued at approximately $44,361,301.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Joseph M. Field acquired 168,162 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was acquired at an average price of $11.81 per share, with a total value of $1,985,993.22. Following the completion of the acquisition, the chairman now directly owns 3,762,621 shares of the company’s stock, valued at approximately $44,436,554.01. The disclosure for this purchase can be found here. Insiders purchased 398,444 shares of company stock valued at $4,688,398 over the last quarter. 32.57% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Virtu KCG Holdings LLC acquired a new position in Entercom Communications during the 2nd quarter worth $159,000. Amalgamated Bank acquired a new position in Entercom Communications during the 4th quarter worth $185,000. Hotchkis & Wiley Capital Management LLC acquired a new position in Entercom Communications during the 3rd quarter worth $186,000. Voya Investment Management LLC lifted its position in Entercom Communications by 14.0% during the 2nd quarter. Voya Investment Management LLC now owns 19,392 shares of the company’s stock worth $201,000 after acquiring an additional 2,383 shares during the last quarter. Finally, AXA lifted its position in Entercom Communications by 35.6% during the 4th quarter. AXA now owns 19,800 shares of the company’s stock worth $214,000 after acquiring an additional 5,200 shares during the last quarter.
About Entercom Communications
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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