Entercom Communications Corporation (NYSE:ETM) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 16,799,350 shares, an increase of 55.0% from the October 13th total of 10,838,352 shares. Based on an average daily trading volume, of 1,777,049 shares, the days-to-cover ratio is currently 9.5 days. Currently, 82.9% of the company’s shares are short sold.
Several equities research analysts have recently commented on the stock. BidaskClub upgraded shares of Entercom Communications Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Noble Financial reiterated a “buy” rating on shares of Entercom Communications Corporation in a research report on Monday, July 31st.
A number of institutional investors have recently added to or reduced their stakes in ETM. Gruss Capital Management LP boosted its stake in Entercom Communications Corporation 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 acquiring an additional 1,224,235 shares during the last quarter. Principal Financial Group Inc. bought a new position in Entercom Communications Corporation during the 3rd quarter worth approximately $9,455,000. WS Management Lllp bought a new position in Entercom Communications Corporation during the 3rd quarter worth approximately $8,600,000. Rovida Advisors Inc. bought a new position in Entercom Communications Corporation during the 3rd quarter worth approximately $6,521,000. Finally, Northern Trust Corp boosted its stake in Entercom Communications Corporation by 35.5% during the 2nd quarter. Northern Trust Corp now owns 1,465,228 shares of the company’s stock worth $15,165,000 after acquiring an additional 383,788 shares during the last quarter. 57.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of Entercom Communications Corporation (NYSE:ETM) opened at $11.25 on Friday. Entercom Communications Corporation has a 1 year low of $9.45 and a 1 year high of $16.55. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.21 and a current ratio of 2.21. The company has a market cap of $452.09, a P/E ratio of 13.70, a PEG ratio of 12.06 and a beta of 1.09.
Entercom Communications Corporation (NYSE:ETM) last issued its quarterly earnings results on Thursday, November 2nd. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. Entercom Communications Corporation 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 analysts’ expectations of $120.76 million. During the same quarter in the previous year, the company earned $0.27 EPS. Entercom Communications Corporation’s revenue was up .6% on a year-over-year basis. research analysts expect that Entercom Communications Corporation will post 0.46 earnings per share for the current year.
Entercom Communications Corporation declared that its board has authorized a stock repurchase program on Thursday, November 2nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 22.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Monday, November 27th. Entercom Communications Corporation’s dividend payout ratio is 115.38%.
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About Entercom Communications Corporation
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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