TIAA CREF Investment Management LLC Grows Position in Entercom Communications (ETM)

TIAA CREF Investment Management LLC increased its position in shares of Entercom Communications (NYSE:ETM) by 222.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 344,112 shares of the company’s stock after purchasing an additional 237,260 shares during the quarter. TIAA CREF Investment Management LLC owned 0.84% of Entercom Communications worth $3,716,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ETM. BlackRock Inc. lifted its holdings in shares of Entercom Communications by 377.7% during the fourth quarter. BlackRock Inc. now owns 8,319,966 shares of the company’s stock worth $89,856,000 after purchasing an additional 6,578,244 shares during the period. Aristeia Capital LLC lifted its holdings in shares of Entercom Communications by 1,472.8% during the fourth quarter. Aristeia Capital LLC now owns 3,909,026 shares of the company’s stock worth $42,217,000 after purchasing an additional 3,660,480 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Entercom Communications by 443.7% during the fourth quarter. Renaissance Technologies LLC now owns 2,732,400 shares of the company’s stock worth $29,510,000 after purchasing an additional 2,229,800 shares during the period. Goldentree Asset Management LP acquired a new stake in shares of Entercom Communications during the fourth quarter worth about $15,851,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Entercom Communications by 297.3% during the fourth quarter. Bank of New York Mellon Corp now owns 1,281,046 shares of the company’s stock worth $13,836,000 after purchasing an additional 958,638 shares during the period. 84.58% of the stock is owned by hedge funds and other institutional investors.

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In related news, Chairman Joseph M. Field purchased 100,000 shares of the firm’s stock in a transaction on Friday, March 9th. The stock was bought at an average cost of $9.99 per share, with a total value of $999,000.00. Following the completion of the acquisition, the chairman now owns 3,971,897 shares of the company’s stock, valued at approximately $39,679,251.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Joseph M. Field purchased 415,125 shares of the firm’s stock in a transaction on Monday, April 16th. The stock was bought at an average cost of $9.65 per share, with a total value of $4,005,956.25. Following the completion of the acquisition, the chairman now directly owns 6,071,022 shares of the company’s stock, valued at approximately $58,585,362.30. The disclosure for this purchase can be found here. Insiders acquired 2,580,125 shares of company stock valued at $25,122,056 over the last three months. 10.19% of the stock is currently owned by corporate insiders.

A number of research firms recently commented on ETM. ValuEngine raised Entercom Communications from a “sell” rating to a “hold” rating in a report on Monday, April 2nd. Noble Financial reaffirmed a “buy” rating on shares of Entercom Communications in a report on Friday, March 9th. Finally, Zacks Investment Research downgraded Entercom Communications from a “buy” rating to a “hold” rating in a report on Friday, March 9th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Entercom Communications presently has a consensus rating of “Hold” and an average price target of $12.00.

Entercom Communications stock opened at $10.25 on Tuesday. Entercom Communications has a 52 week low of $9.25 and a 52 week high of $13.52. The stock has a market cap of $1,356.15, a P/E ratio of -22.78 and a beta of 1.08. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.02 and a quick ratio of 2.02.

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 Zacks’ consensus estimate of $0.28 by ($0.12). Entercom Communications had a net margin of 39.55% and a return on equity of 0.08%. The company had revenue of $246.61 million during the quarter, compared to analyst estimates of $276.82 million. During the same period in the previous year, the firm posted $0.34 earnings per share. The company’s revenue was up 98.0% compared to the same quarter last year. equities analysts anticipate that Entercom Communications will post 1.33 EPS for the current fiscal year.

The business 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. This represents a $0.36 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date was Tuesday, March 13th. Entercom Communications’s payout ratio is presently -80.00%.

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Entercom Communications Profile

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.

Institutional Ownership by Quarter for Entercom Communications (NYSE:ETM)

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