Bank of New York Mellon Corp Has $10.10 Million Stake in Entercom Communications Corp. (ETM)

Bank of New York Mellon Corp increased its stake in Entercom Communications Corp. (NYSE:ETM) by 4.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,337,082 shares of the company’s stock after purchasing an additional 53,811 shares during the quarter. Bank of New York Mellon Corp’s holdings in Entercom Communications were worth $10,095,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Entercom Communications by 13.2% in the first quarter. Principal Financial Group Inc. now owns 6,203,437 shares of the company’s stock valued at $59,864,000 after acquiring an additional 723,811 shares in the last quarter. Northern Trust Corp raised its stake in Entercom Communications by 0.7% in the first quarter. Northern Trust Corp now owns 2,601,092 shares of the company’s stock valued at $25,100,000 after buying an additional 17,944 shares in the last quarter. Boston Partners raised its stake in Entercom Communications by 3.2% in the second quarter. Boston Partners now owns 2,275,107 shares of the company’s stock valued at $17,177,000 after buying an additional 70,905 shares in the last quarter. Gilder Gagnon Howe & Co. LLC raised its stake in Entercom Communications by 70.5% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,992,390 shares of the company’s stock valued at $15,043,000 after buying an additional 823,491 shares in the last quarter. Finally, Roystone Capital Management LP acquired a new stake in Entercom Communications in the first quarter valued at $11,392,000. Institutional investors and hedge funds own 85.59% of the company’s stock.

Entercom Communications stock opened at $8.15 on Wednesday. Entercom Communications Corp. has a 1-year low of $6.30 and a 1-year high of $12.43. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.13 and a current ratio of 2.13. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -17.56 and a beta of 0.80.

Entercom Communications (NYSE:ETM) last posted its quarterly earnings results on Wednesday, August 8th. The company reported $0.68 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.40. Entercom Communications had a negative return on equity of 1.62% and a net margin of 21.63%. The company had revenue of $372.10 million for the quarter, compared to analysts’ expectations of $379.40 million. During the same period last year, the firm earned $0.15 earnings per share. Entercom Communications’s quarterly revenue was up 197.7% on a year-over-year basis.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Friday, August 24th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend was Thursday, August 23rd. Entercom Communications’s dividend payout ratio is presently -80.00%.

A number of research firms have weighed in on ETM. Zacks Investment Research cut Entercom Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. ValuEngine upgraded Entercom Communications from a “sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Finally, Stephens cut their price target on Entercom Communications from $12.00 to $8.00 and set a “hold” rating on the stock in a research note on Monday, June 4th.

About Entercom Communications

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.

Recommended Story: Outstanding Shares

Want to see what other hedge funds are holding ETM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Entercom Communications Corp. (NYSE:ETM).

Institutional Ownership by Quarter for Entercom Communications (NYSE:ETM)

Receive News & Ratings for Entercom Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Entercom Communications and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply