Zacks Investment Research upgraded shares of Entercom Communications (NYSE:ETM) from a strong sell rating to a hold rating in a report issued on Thursday.

According to Zacks, “Entercom Communications is the fourth largest radio broadcasting company in the United States. The company has built a highly consolidated portfolio of radio stations concentrated primarily in top 50 markets with above average growth characteristics. The company’s portfolio of radio stations is geographically diverse and offers a wide variety of programming formats. The company believes that geographic diversity will reduce the effect of economic downturn, while wide range of programming formats lessens the impact of changes in listening preferences. “

Several other analysts have also recently issued reports on the stock. ValuEngine cut shares of Entercom Communications from a buy rating to a hold rating in a research note on Sunday, December 31st. Noble Financial reiterated a buy rating on shares of Entercom Communications in a research note on Monday, November 27th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Entercom Communications has a consensus rating of Hold.

Entercom Communications (NYSE:ETM) traded down $0.10 during midday trading on Thursday, reaching $11.25. 924,429 shares of the company’s stock traded hands, compared to its average volume of 2,291,646. Entercom Communications has a fifty-two week low of $9.45 and a fifty-two week high of $16.55. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 1.23. The stock has a market cap of $1,550.00, a PE ratio of 45.00, a PEG ratio of 5.02 and a beta of 1.10.

Entercom Communications (NYSE:ETM) last posted its earnings results on Thursday, November 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Entercom Communications had a net margin of 2.69% and a return on equity of 8.67%. The business had revenue of $122.30 million for the quarter, compared to analysts’ expectations of $120.76 million. During the same period in the prior year, the company posted $0.27 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. analysts forecast that Entercom Communications will post 0.93 EPS for the current fiscal year.

Entercom Communications announced that its board has initiated a stock buyback program on Thursday, November 2nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 22.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider David J. Field purchased 25,000 shares of the firm’s stock in a transaction dated Friday, November 17th. The shares were purchased at an average price of $11.60 per share, with a total value of $290,000.00. Following the acquisition, the insider now directly owns 1,823,072 shares of the company’s stock, valued at $21,147,635.20. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Joseph M. Field purchased 50,000 shares of the firm’s stock in a transaction dated Friday, November 24th. The stock was bought at an average cost of $11.79 per share, for a total transaction of $589,500.00. Following the acquisition, the chairman now directly owns 3,762,621 shares in the company, valued at $44,361,301.59. The disclosure for this purchase can be found here. Insiders acquired a total of 423,444 shares of company stock worth $4,978,398 over the last quarter. Corporate insiders own 32.57% of the company’s stock.

Several large investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its holdings in shares of Entercom Communications by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 109,658 shares of the company’s stock worth $1,135,000 after buying an additional 627 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Entercom Communications by 3.1% in the 2nd quarter. Rhumbline Advisers now owns 34,558 shares of the company’s stock worth $358,000 after buying an additional 1,047 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of Entercom Communications by 7.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 27,395 shares of the company’s stock worth $284,000 after buying an additional 2,017 shares during the last quarter. Voya Investment Management LLC increased its holdings in shares of Entercom Communications by 14.0% in the 2nd quarter. Voya Investment Management LLC now owns 19,392 shares of the company’s stock worth $201,000 after buying an additional 2,383 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Entercom Communications by 11.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,943 shares of the company’s stock worth $258,000 after buying an additional 2,484 shares during the last quarter. 65.75% of the stock is currently owned by hedge funds and other institutional investors.

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Entercom Communications 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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