Cumulus Media (NASDAQ:CMLS) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Cumulus Media (NASDAQ:CMLS) from a strong sell rating to a hold rating in a research report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Cumulus Media Inc. is a radio broadcasting company. It owns and operates radio stations which provide local programs, music, sports, entertainment, news and advertising solutions. Cumulus Media Inc. is based in Atlanta, United States. “

Several other research firms have also commented on CMLS. Noble Financial set a $26.00 price objective on shares of Cumulus Media and gave the company a buy rating in a research note on Friday, May 10th. B. Riley reaffirmed a buy rating on shares of LightPath Technologies in a report on Tuesday, May 7th. Finally, ValuEngine raised shares of Zogenix from a buy rating to a strong-buy rating in a report on Thursday, June 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $20.50.

NASDAQ CMLS opened at $17.92 on Wednesday. The company has a 50 day simple moving average of $17.26. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 3.37. Cumulus Media has a one year low of $9.70 and a one year high of $26.00.

Cumulus Media (NASDAQ:CMLS) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.09). The firm had revenue of $267.50 million for the quarter, compared to analyst estimates of $263.54 million. Equities research analysts anticipate that Cumulus Media will post 2.73 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. acquired a new stake in Cumulus Media in the first quarter valued at approximately $30,000. Spark Investment Management LLC acquired a new stake in Cumulus Media in the first quarter valued at approximately $189,000. Marshall Wace LLP acquired a new stake in Cumulus Media in the first quarter valued at approximately $374,000. Tibra Equities Europe Ltd acquired a new stake in Cumulus Media in the first quarter valued at approximately $431,000. Finally, Benefit Street Partners LLC acquired a new stake in Cumulus Media in the first quarter valued at approximately $894,000. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

About Cumulus Media

Cumulus Media Inc owns and operates radio stations in the United States. The company operates through two segments, Cumulus Radio Station Group and Westwood One. It sells broadcasting time on its owned or operated stations to local, regional, and national advertisers; and network advertising. The company offers content through approximately 433 owned-and-operated stations in 88 United States media markets; and approximately 8,000 broadcast radio stations affiliates and various digital channels.

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