Entercom Communications Corp. (ETM) Shares Bought by Renaissance Technologies LLC
Renaissance Technologies LLC raised its stake in Entercom Communications Corp. (NYSE:ETM) by 443.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,732,400 shares of the company’s stock after acquiring an additional 2,229,800 shares during the quarter. Renaissance Technologies LLC owned approximately 6.71% of Entercom Communications worth $29,510,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETM. Vanguard Group Inc. boosted its stake in Entercom Communications by 4.6% in the second 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. Parametric Portfolio Associates LLC boosted its stake in Entercom Communications by 7.9% in the second quarter. Parametric Portfolio Associates LLC now owns 27,395 shares of the company’s stock valued at $284,000 after acquiring an additional 2,017 shares during the last quarter. State Street Corp boosted its stake in Entercom Communications by 2.3% in the second quarter. State Street Corp now owns 472,546 shares of the company’s stock valued at $4,887,000 after acquiring an additional 10,702 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Entercom Communications by 11.1% in the second quarter. The Manufacturers Life Insurance Company now owns 24,943 shares of the company’s stock valued at $258,000 after acquiring an additional 2,484 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in Entercom Communications in the third quarter valued at about $9,455,000.
Shares of Entercom Communications stock opened at $9.55 on Thursday. The company has a market cap of $1,288.68, a P/E ratio of 36.73 and a beta of 1.06. The company has a debt-to-equity ratio of 1.05, a quick ratio of 2.21 and a current ratio of 2.02. Entercom Communications Corp. has a 52 week low of $9.40 and a 52 week high of $14.52.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 28th. Investors of record on Wednesday, March 14th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Tuesday, March 13th. Entercom Communications’s payout ratio is currently 13.95%.
ETM has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Entercom Communications from a “hold” rating to a “sell” rating in a research note on Monday, January 8th. ValuEngine cut shares of Entercom Communications from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Finally, Noble Financial restated a “buy” rating on shares of Entercom Communications in a research note on Monday, November 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $12.00.
In other news, Chairman Joseph M. Field bought 200,000 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The shares were acquired at an average price of $9.95 per share, with a total value of $1,990,000.00. Following the acquisition, the chairman now owns 3,971,897 shares of the company’s stock, valued at approximately $39,520,375.15. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Joseph M. Field bought 300,000 shares of the firm’s stock in a transaction that occurred on Friday, March 16th. The shares were purchased at an average cost of $9.98 per share, for a total transaction of $2,994,000.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 800,000 shares of company stock worth $7,967,000 over the last 90 days. 32.57% of the stock is currently owned by corporate insiders.
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Entercom Communications 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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