Entercom Communications Corp. (ETM) Short Interest Down 68.6% in November

Entercom Communications Corp. (NYSE:ETM) was the target of a large decrease in short interest in November. As of November 30th, there was short interest totalling 8,121,275 shares, a decrease of 68.6% from the November 15th total of 25,840,385 shares. Based on an average trading volume of 11,387,655 shares, the short-interest ratio is presently 0.7 days. Approximately 48.5% of the shares of the company are short sold.

Shares of Entercom Communications (NYSE ETM) traded up $0.15 during trading on Friday, reaching $11.35. The company had a trading volume of 2,468,629 shares, compared to its average volume of 3,060,000. The stock has a market cap of $1,570.00, a P/E ratio of 45.40, a P/E/G ratio of 5.16 and a beta of 1.10. 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 has a 1 year low of $9.45 and a 1 year high of $16.55.

Entercom Communications (NYSE:ETM) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. Entercom Communications had a return on equity of 8.67% and a net margin of 2.69%. The firm had revenue of $122.30 million during the quarter, compared to the consensus estimate of $120.76 million. During the same period in the prior year, the business earned $0.27 EPS. The business’s revenue for the quarter was up .6% on a year-over-year basis. research analysts forecast that Entercom Communications will post 0.93 earnings per share for the current year.

Entercom Communications declared that its Board of Directors has authorized a stock repurchase program on Thursday, November 2nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 22.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th were given a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 3.17%. The ex-dividend date was Monday, November 27th. Entercom Communications’s payout ratio is currently 144.00%.

In other Entercom Communications news, insider David J. Field purchased 25,000 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was bought at an average price of $11.60 per share, with a total value of $290,000.00. Following the completion of the purchase, the insider now owns 1,823,072 shares in the company, valued at approximately $21,147,635.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Joseph M. Field bought 180,282 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were purchased at an average cost of $11.72 per share, with a total value of $2,112,905.04. Following the purchase, the chairman now directly owns 3,529,177 shares of the company’s stock, valued at $41,361,954.44. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 423,444 shares of company stock worth $4,978,398. Corporate insiders own 32.57% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. increased its position in Entercom Communications by 7.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,399,135 shares of the company’s stock worth $45,531,000 after purchasing an additional 287,581 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Entercom Communications by 35.5% during the 2nd quarter. Northern Trust Corp now owns 1,465,228 shares of the company’s stock valued at $15,165,000 after acquiring an additional 383,788 shares during the last quarter. Gruss Capital Management LP increased its holdings in shares of Entercom Communications by 661.7% during the 3rd quarter. Gruss Capital Management LP now owns 1,409,235 shares of the company’s stock valued at $16,136,000 after acquiring an additional 1,224,235 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Entercom Communications by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,070,924 shares of the company’s stock valued at $11,083,000 after acquiring an additional 47,449 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new position in shares of Entercom Communications during the 3rd quarter valued at about $9,455,000. 65.75% of the stock is currently owned by institutional investors.

Several equities research analysts have recently commented on ETM shares. Zacks Investment Research downgraded Entercom Communications from a “hold” rating to a “sell” rating in a report on Monday, January 8th. Noble Financial reaffirmed a “buy” rating on shares of Entercom Communications in a report on Monday, November 27th. Finally, ValuEngine downgraded Entercom Communications from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Entercom Communications presently has an average rating of “Hold”.

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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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