Entercom Communications Corp. (ETM) Short Interest Down 68.6% in November
Entercom Communications Corp. (NYSE:ETM) was the target of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 8,121,275 shares, a drop of 68.6% from the November 15th total of 25,840,385 shares. Based on an average daily trading volume, of 11,387,655 shares, the days-to-cover ratio is currently 0.7 days. Currently, 48.5% of the shares of the company are sold short.
In related news, Chairman Joseph M. Field purchased 168,162 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was purchased at an average cost of $11.81 per share, with a total value of $1,985,993.22. Following the completion of the acquisition, the chairman now directly owns 3,762,621 shares of the company’s stock, valued at $44,436,554.01. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Joseph M. Field purchased 50,000 shares of the business’s stock in a transaction dated Friday, November 24th. The stock was bought at an average cost of $11.79 per share, with a total value of $589,500.00. Following the completion of the acquisition, the chairman now directly owns 3,762,621 shares of the company’s stock, valued at $44,361,301.59. The disclosure for this purchase can be found here. Insiders acquired 423,444 shares of company stock valued at $4,978,398 over the last three months. Company insiders own 32.57% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Teachers Advisors LLC boosted its stake in Entercom Communications by 2.9% during the first quarter. Teachers Advisors LLC now owns 60,887 shares of the company’s stock valued at $871,000 after buying an additional 1,744 shares during the period. Vanguard Group Inc. boosted its stake in Entercom Communications by 11.9% during the first quarter. Vanguard Group Inc. now owns 1,023,475 shares of the company’s stock valued at $14,636,000 after buying an additional 108,488 shares during the period. Geode Capital Management LLC boosted its stake in Entercom Communications by 12.9% during the first quarter. Geode Capital Management LLC now owns 185,198 shares of the company’s stock valued at $2,648,000 after buying an additional 21,207 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Entercom Communications by 5.5% during the first quarter. Schwab Charles Investment Management Inc. now owns 109,031 shares of the company’s stock valued at $1,560,000 after buying an additional 5,643 shares during the period. Finally, Bank of America Corp DE boosted its stake in Entercom Communications by 1.3% during the first quarter. Bank of America Corp DE now owns 81,955 shares of the company’s stock valued at $1,172,000 after buying an additional 1,032 shares during the period. 65.97% of the stock is owned by hedge funds and other institutional investors.
Entercom Communications (NYSE:ETM) opened at $11.60 on Friday. Entercom Communications has a twelve month low of $9.45 and a twelve month high of $16.55. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.21 and a quick ratio of 2.21. The company has a market capitalization of $458.20, a price-to-earnings ratio of 13.89, a PEG ratio of 6.05 and a beta of 1.09.
Entercom Communications (NYSE:ETM) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.24 EPS for the quarter, topping the Zacks’ 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 analyst estimates of $120.76 million. During the same period last year, the company earned $0.27 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. research analysts anticipate that Entercom Communications will post 0.93 EPS for the current fiscal year.
Entercom Communications declared that its board has approved a share buyback program on Thursday, November 2nd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 22.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Monday, November 27th. Entercom Communications’s payout ratio is currently 138.46%.
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About Entercom Communications
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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