Shares of Entercom Communications Corp. (NYSE:ETM) have been assigned a consensus broker rating score of 1.67 (Buy) from the three analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company.
Brokers have set a 1 year consensus target price 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 its competitors.
ETM has been the subject of several research analyst reports. ValuEngine cut Entercom Communications from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Zacks Investment Research upgraded Entercom Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 18th. Finally, Noble Financial restated a “buy” rating on shares of Entercom Communications in a research note on Monday, November 27th.
Shares of Entercom Communications (NYSE:ETM) traded up $0.10 during trading hours on Monday, hitting $10.40. The stock had a trading volume of 1,912,400 shares, compared to its average volume of 2,800,003. Entercom Communications has a 1 year low of $9.40 and a 1 year high of $16.30. The stock has a market capitalization of $423.58, a PE ratio of 40.00, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99. 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 declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 2nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 22.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In related news, Chairman Joseph M. Field purchased 50,000 shares of Entercom Communications stock in a transaction that occurred on Friday, November 24th. The stock was bought at an average cost of $11.79 per share, for a total transaction of $589,500.00. Following the completion of the transaction, the chairman now owns 3,762,621 shares in the company, valued at $44,361,301.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Joseph M. Field purchased 180,282 shares of Entercom Communications stock in a transaction that occurred on Tuesday, November 21st. The shares were bought at an average price of $11.72 per share, with a total value of $2,112,905.04. Following the completion of the transaction, the chairman now owns 3,529,177 shares of the company’s stock, valued at approximately $41,361,954.44. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 398,444 shares of company stock valued at $4,688,398. 32.57% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its position in Entercom Communications by 377.7% during the fourth quarter. BlackRock Inc. now owns 8,319,966 shares of the company’s stock valued at $89,856,000 after acquiring an additional 6,578,244 shares in the last quarter. Aristeia Capital LLC raised its position in Entercom Communications by 1,472.8% during the fourth quarter. Aristeia Capital LLC now owns 3,909,026 shares of the company’s stock valued at $42,217,000 after acquiring an additional 3,660,480 shares in the last quarter. Renaissance Technologies LLC raised its position in Entercom Communications by 443.7% during the fourth quarter. Renaissance Technologies LLC now owns 2,732,400 shares of the company’s stock valued at $29,510,000 after acquiring an additional 2,229,800 shares in the last quarter. Gruss Capital Management LP raised its position in Entercom Communications by 8.2% during the fourth quarter. Gruss Capital Management LP now owns 1,525,000 shares of the company’s stock valued at $16,470,000 after acquiring an additional 115,765 shares in the last quarter. Finally, Goldentree Asset Management LP purchased a new position in Entercom Communications during the fourth quarter valued at approximately $15,851,000.
Entercom Communications Company 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.
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