Entercom Communications Corporation (ETM) Issues Earnings Results
Entercom Communications Corporation (NYSE:ETM) announced its earnings results on Friday. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.07, Bloomberg Earnings reports. The firm had revenue of $125 million during the quarter, compared to analysts’ expectations of $121.42 million. Entercom Communications Corporation had a return on equity of 8.79% and a net margin of 5.27%. The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.26 earnings per share.
Shares of Entercom Communications Corporation (NYSE ETM) traded down 3.40% during midday trading on Friday, reaching $9.95. The company’s stock had a trading volume of 686,155 shares. The firm has a market cap of $404.89 million, a price-to-earnings ratio of 22.31 and a beta of 1.18. The company has a 50-day moving average price of $10.02 and a 200-day moving average price of $12.49. Entercom Communications Corporation has a 12 month low of $9.50 and a 12 month high of $16.55.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 30th. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 3.02%. Entercom Communications Corporation’s payout ratio is currently 66.67%.
ETM has been the subject of a number of recent analyst reports. TheStreet cut Entercom Communications Corporation from a “b” rating to a “c” rating in a research report on Monday, May 8th. Zacks Investment Research raised Entercom Communications Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. ValuEngine cut Entercom Communications Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Noble Financial reaffirmed a “buy” rating on shares of Entercom Communications Corporation in a research report on Thursday, May 11th.
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In related news, Chairman Joseph M. Field purchased 68,616 shares of the stock in a transaction on Tuesday, May 16th. The shares were purchased at an average price of $9.87 per share, with a total value of $677,239.92. Following the transaction, the chairman now directly owns 1,006,844 shares of the company’s stock, valued at $9,937,550.28. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Joseph M. Field purchased 4,793 shares of the stock in a transaction on Friday, June 16th. The shares were bought at an average cost of $9.95 per share, for a total transaction of $47,690.35. Following the transaction, the chairman now directly owns 1,006,844 shares in the company, valued at $10,018,097.80. The disclosure for this purchase can be found here. Insiders have acquired a total of 583,087 shares of company stock worth $5,775,962 in the last ninety days. Insiders own 32.57% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bowling Portfolio Management LLC raised its position in Entercom Communications Corporation by 128.2% in the second quarter. Bowling Portfolio Management LLC now owns 30,828 shares of the company’s stock valued at $319,000 after buying an additional 17,319 shares during the period. Municipal Employees Retirement System of Michigan raised its position in Entercom Communications Corporation by 47.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 33,170 shares of the company’s stock worth $343,000 after buying an additional 10,740 shares during the last quarter. Aperio Group LLC acquired a new position in Entercom Communications Corporation during the second quarter worth $134,000. Highbridge Capital Management LLC acquired a new position in Entercom Communications Corporation during the first quarter worth $370,000. Finally, Bank of America Corp DE raised its position in Entercom Communications Corporation by 1.3% in the first quarter. Bank of America Corp DE now owns 81,955 shares of the company’s stock worth $1,172,000 after buying an additional 1,032 shares during the last quarter. 50.01% of the stock is currently owned by hedge funds and other institutional investors.
Entercom Communications Corporation Company 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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