Gruss Capital Management LP Acquires 1,224,235 Shares of Entercom Communications Corp. (ETM)

Gruss Capital Management LP increased its position in shares of Entercom Communications Corp. (NYSE:ETM) by 661.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,409,235 shares of the company’s stock after purchasing an additional 1,224,235 shares during the period. Entercom Communications accounts for 1.4% of Gruss Capital Management LP’s portfolio, making the stock its 14th largest holding. Gruss Capital Management LP owned 3.46% of Entercom Communications worth $16,136,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC bought a new stake in shares of Entercom Communications during the 2nd quarter valued at $122,000. Aperio Group LLC purchased a new position in shares of Entercom Communications in the 2nd quarter worth $134,000. Good Life Advisors LLC grew its stake in shares of Entercom Communications by 6.3% in the 2nd quarter. Good Life Advisors LLC now owns 14,290 shares of the company’s stock worth $140,000 after buying an additional 842 shares in the last quarter. Virtu KCG Holdings LLC purchased a new position in shares of Entercom Communications in the 2nd quarter worth $159,000. Finally, Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Entercom Communications in the 3rd quarter worth $186,000. Hedge funds and other institutional investors own 65.75% of the company’s stock.

Separately, Noble Financial reaffirmed a “buy” rating on shares of Entercom Communications in a research note on Monday, November 27th.

In other news, Chairman Joseph M. Field acquired 180,282 shares of Entercom Communications stock in a transaction that occurred on Tuesday, November 21st. The stock was purchased at an average price of $11.72 per share, for a total transaction of $2,112,905.04. Following the purchase, the chairman now directly owns 3,529,177 shares in the company, valued at approximately $41,361,954.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David J. Field acquired 25,000 shares of Entercom Communications stock in a transaction that occurred on Friday, November 17th. The shares were purchased at an average price of $11.60 per share, with a total value of $290,000.00. Following the purchase, the insider now owns 1,823,072 shares in the company, valued at $21,147,635.20. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 423,444 shares of company stock valued at $4,978,398. Company insiders own 32.57% of the company’s stock.

Entercom Communications Corp. (NYSE ETM) traded down $0.20 during mid-day trading on Friday, hitting $10.80. 2,534,787 shares of the company were exchanged, compared to its average volume of 2,827,295. Entercom Communications Corp. has a 52-week low of $9.45 and a 52-week high of $16.55. The stock has a market cap of $448.02, a PE ratio of 41.54, a PEG ratio of 5.91 and a beta of 1.09. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.21 and a current ratio of 2.21.

Entercom Communications (NYSE:ETM) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Entercom Communications had a net margin of 2.69% and a return on equity of 8.67%. The company had revenue of $122.30 million during the quarter, compared to analyst estimates of $120.76 million. During the same quarter last year, the business posted $0.27 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. equities research analysts predict that Entercom Communications Corp. will post 0.93 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th were issued a $0.09 dividend. The ex-dividend date of this dividend was Monday, November 27th. This represents a $0.36 annualized dividend and a dividend yield of 3.33%. Entercom Communications’s dividend payout ratio is currently 138.46%.

Entercom Communications announced that its board has authorized a stock repurchase program on Thursday, November 2nd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 22.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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Entercom Communications Profile

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.

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

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