Entercom Communications (NYSE:ETM) Rating Lowered to Hold at Noble Financial

Entercom Communications (NYSE:ETM) was downgraded by Noble Financial from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, May 9th.

ETM has been the subject of several other reports. Zacks Investment Research upgraded shares of Entercom Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 18th. ValuEngine cut shares of Entercom Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd.

ETM stock opened at $7.80 on Wednesday. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 60.00 and a beta of 1.07. Entercom Communications has a 12 month low of $7.57 and a 12 month high of $7.85.

Entercom Communications (NYSE:ETM) last posted its earnings results on Tuesday, May 8th. The company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.17). The business had revenue of $300.60 million during the quarter, compared to the consensus estimate of $316.70 million. Entercom Communications had a negative return on equity of 1.44% and a net margin of 28.86%. The business’s revenue was up 208.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 earnings per share. equities research analysts predict that Entercom Communications will post 0.94 EPS for the current fiscal year.

In other news, Chairman Joseph M. Field purchased 100,000 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The shares were acquired at an average cost of $9.99 per share, for a total transaction of $999,000.00. Following the transaction, the chairman now directly owns 3,971,897 shares of the company’s stock, valued at approximately $39,679,251.03. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Joseph M. Field purchased 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 1st. The stock was purchased at an average price of $10.00 per share, for a total transaction of $500,000.00. Following the completion of the transaction, the chairman now directly owns 5,718,735 shares in the company, valued at $57,187,350. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 3,275,749 shares of company stock worth $31,136,927. Insiders own 32.57% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of Entercom Communications by 377.7% in the fourth quarter. BlackRock Inc. now owns 8,319,966 shares of the company’s stock valued at $89,856,000 after purchasing an additional 6,578,244 shares during the last quarter. Aristeia Capital LLC raised its holdings in shares of Entercom Communications by 1,472.8% in the fourth quarter. Aristeia Capital LLC now owns 3,909,026 shares of the company’s stock valued at $42,217,000 after purchasing an additional 3,660,480 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Entercom Communications by 443.7% in the fourth quarter. Renaissance Technologies LLC now owns 2,732,400 shares of the company’s stock valued at $29,510,000 after purchasing an additional 2,229,800 shares during the last quarter. Boston Partners acquired a new stake in shares of Entercom Communications in the first quarter valued at approximately $21,271,000. Finally, Investure LLC acquired a new stake in shares of Entercom Communications in the first quarter valued at approximately $14,640,000. Hedge funds and other institutional investors own 86.89% of the company’s stock.

Entercom Communications Company Profile

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.

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