Millennium Management LLC boosted its stake in Entercom Communications (NYSE:ETM) by 896.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,056,017 shares of the company’s stock after purchasing an additional 950,017 shares during the quarter. Millennium Management LLC owned about 2.59% of Entercom Communications worth $11,405,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. AXA increased its holdings in Entercom Communications by 35.6% in the fourth quarter. AXA now owns 19,800 shares of the company’s stock valued at $214,000 after purchasing an additional 5,200 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Entercom Communications by 5.3% in the third quarter. Schwab Charles Investment Management Inc. now owns 115,438 shares of the company’s stock valued at $1,322,000 after purchasing an additional 5,780 shares during the last quarter. Clear Harbor Asset Management LLC increased its holdings in Entercom Communications by 46.2% in the fourth quarter. Clear Harbor Asset Management LLC now owns 22,707 shares of the company’s stock valued at $245,000 after purchasing an additional 7,174 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in Entercom Communications by 7.2% in the third quarter. Allianz Asset Management GmbH now owns 160,044 shares of the company’s stock valued at $1,833,000 after purchasing an additional 10,705 shares during the last quarter. Finally, Quadrature Capital Ltd increased its holdings in Entercom Communications by 52.5% in the fourth quarter. Quadrature Capital Ltd now owns 42,374 shares of the company’s stock valued at $460,000 after purchasing an additional 14,580 shares during the last quarter. Institutional investors and hedge funds own 84.65% of the company’s stock.
In other Entercom Communications news, Chairman Joseph M. Field purchased 200,000 shares of the stock in a transaction on Monday, March 12th. The stock was bought at an average cost of $9.95 per share, for a total transaction of $1,990,000.00. Following the completion of the acquisition, the chairman now directly owns 3,971,897 shares of the company’s stock, valued at $39,520,375.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Joseph M. Field purchased 300,000 shares of the stock in a transaction on Friday, March 16th. The stock was acquired at an average price of $9.98 per share, with a total value of $2,994,000.00. The disclosure for this purchase can be found here. Insiders acquired 1,540,000 shares of company stock valued at $15,058,600 over the last 90 days. Corporate insiders own 32.57% of the company’s stock.
ETM has been the subject of a number of recent analyst reports. ValuEngine downgraded Entercom Communications from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Zacks Investment Research downgraded Entercom Communications from a “hold” rating to a “sell” rating in a report on Monday, January 8th. Finally, Noble Financial reiterated a “buy” rating on shares of Entercom Communications in a report on Friday, March 9th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Entercom Communications has an average rating of “Hold” and an average target price of $12.00.
NYSE ETM opened at $9.70 on Friday. The stock has a market capitalization of $1,308.92, a P/E ratio of -21.56 and a beta of 1.09. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 1.05. Entercom Communications has a 12 month low of $9.25 and a 12 month high of $14.05.
Entercom Communications (NYSE:ETM) last announced its quarterly earnings results on Thursday, March 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.12). Entercom Communications had a return on equity of 0.08% and a net margin of 39.55%. The business had revenue of $246.61 million during the quarter, compared to the consensus estimate of $276.82 million. During the same quarter last year, the company earned $0.34 earnings per share. The firm’s revenue was up 98.0% compared to the same quarter last year. equities research analysts predict that Entercom Communications will post 1.33 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 28th. Shareholders of record on Wednesday, March 14th were issued a $0.09 dividend. The ex-dividend date was Tuesday, March 13th. This represents a $0.36 annualized dividend and a dividend yield of 3.71%. Entercom Communications’s dividend payout ratio (DPR) is currently -80.00%.
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About Entercom Communications
Entercom Communications Corp. operates as a radio broadcasting company in the United States. The company owns and operates radio stations in various formats, such as news, sports, talk, classic rock, urban, adult contemporary, alternative, country, and others. As of February 20, 2018, it had a portfolio of approximately 235 radio stations, digital platforms, and live events.
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