Entercom Communications Corp. (NYSE:ETM) gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $9.55, but opened at $9.85. Entercom Communications shares last traded at $10.00, with a volume of 2208757 shares changing hands.
Specifically, Chairman Joseph M. Field purchased 100,000 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The stock was purchased at an average price of $9.99 per share, for a total transaction of $999,000.00. Following the purchase, the chairman now directly owns 3,971,897 shares in the company, valued at $39,679,251.03. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Joseph M. Field purchased 200,000 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The shares were acquired at an average price of $9.95 per share, with a total value of $1,990,000.00. Following the purchase, the chairman now owns 3,971,897 shares in the company, valued at $39,520,375.15. The disclosure for this purchase can be found here. 32.57% of the stock is owned by corporate insiders.
A number of analysts recently weighed in on the stock. Noble Financial reiterated a “buy” rating on shares of Entercom Communications in a research note on Monday, November 27th. 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. Finally, ValuEngine cut shares of Entercom Communications from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $12.00.
The firm has a market capitalization of $405.25, a PE ratio of 3.81, a P/E/G ratio of 3.75 and a beta of 1.06. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 1.23.
Entercom Communications (NYSE:ETM) last announced its quarterly earnings data on Thursday, March 8th. The company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.12). The firm had revenue of $246.61 million for the quarter, compared to analysts’ expectations of $276.82 million. Entercom Communications had a return on equity of 0.15% and a net margin of 39.55%. The firm’s quarterly revenue was up 98.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS. equities research analysts predict that Entercom Communications Corp. will post 1.33 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 28th. Shareholders of record on Wednesday, March 14th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, March 13th. This represents a $0.36 dividend on an annualized basis and a yield of 3.60%. Entercom Communications’s payout ratio is currently 13.95%.
Institutional investors have recently made changes to their positions in the business. Gruss Capital Management LP raised its position in Entercom Communications by 661.7% during the 3rd quarter. Gruss Capital Management LP now owns 1,409,235 shares of the company’s stock worth $16,136,000 after buying an additional 1,224,235 shares during the last quarter. Mcclain Value Management LLC purchased a new position in Entercom Communications during the 4th quarter worth $4,124,000. Gabelli Funds LLC purchased a new position in Entercom Communications during the 3rd quarter worth $1,639,000. Levin Capital Strategies L.P. purchased a new position in Entercom Communications during the 4th quarter worth $268,000. Finally, Emerald Advisers Inc. PA purchased a new position in Entercom Communications during the 4th quarter worth $9,233,000.
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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