Fmr LLC trimmed its position in shares of Entercom Communications Corp. (NYSE:ETM) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,498,550 shares of the company’s stock after selling 103,216 shares during the period. Fmr LLC owned about 0.10% of Entercom Communications worth $101,913,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new stake in shares of Entercom Communications during the first quarter worth approximately $106,000. Xact Kapitalforvaltning AB increased its stake in shares of Entercom Communications by 82.3% during the first quarter. Xact Kapitalforvaltning AB now owns 23,700 shares of the company’s stock worth $229,000 after buying an additional 10,700 shares during the period. Aperio Group LLC increased its stake in shares of Entercom Communications by 108.4% during the second quarter. Aperio Group LLC now owns 25,031 shares of the company’s stock worth $189,000 after buying an additional 13,020 shares during the period. Deltec Asset Management LLC increased its stake in shares of Entercom Communications by 40.0% during the first quarter. Deltec Asset Management LLC now owns 35,000 shares of the company’s stock worth $338,000 after buying an additional 10,000 shares during the period. Finally, Abacus Planning Group Inc. purchased a new position in Entercom Communications in the second quarter valued at approximately $271,000. Hedge funds and other institutional investors own 85.60% of the company’s stock.
Several equities analysts have commented on ETM shares. Stephens dropped their price target on shares of Entercom Communications from $12.00 to $8.00 and set a “hold” rating on the stock in a research note on Monday, June 4th. Zacks Investment Research lowered shares of Entercom Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Finally, ValuEngine upgraded shares of Entercom Communications from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th.
In related news, Chairman Joseph M. Field purchased 370,000 shares of the company’s stock in a transaction on Friday, June 22nd. The shares were bought at an average cost of $7.79 per share, for a total transaction of $2,882,300.00. Following the completion of the purchase, the chairman now directly owns 3,538,937 shares of the company’s stock, valued at approximately $27,568,319.23. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 32.57% of the company’s stock.
Shares of Entercom Communications stock opened at $7.90 on Tuesday. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -17.00 and a beta of 0.80. Entercom Communications Corp. has a 52 week low of $6.30 and a 52 week high of $12.43. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.13 and a current ratio of 2.13.
Entercom Communications (NYSE:ETM) last announced its quarterly earnings results on Wednesday, August 8th. The company reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.40. The company had revenue of $372.10 million for the quarter, compared to analyst estimates of $379.40 million. Entercom Communications had a net margin of 21.63% and a negative return on equity of 1.62%. The firm’s revenue was up 197.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Friday, August 24th were paid a $0.09 dividend. The ex-dividend date was Thursday, August 23rd. This represents a $0.36 annualized dividend and a yield of 4.56%. Entercom Communications’s dividend payout ratio is currently -80.00%.
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.
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