Rhumbline Advisers Grows Holdings in Entercom Communications Corporation (ETM)
Rhumbline Advisers boosted its position in shares of Entercom Communications Corporation (NYSE:ETM) by 3.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,558 shares of the company’s stock after purchasing an additional 1,047 shares during the period. Rhumbline Advisers owned about 0.08% of Entercom Communications Corporation worth $358,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in ETM. Wells Fargo & Company MN increased its holdings in Entercom Communications Corporation by 18.0% during the 1st quarter. Wells Fargo & Company MN now owns 40,325 shares of the company’s stock worth $577,000 after purchasing an additional 6,145 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Entercom Communications Corporation by 4.5% during the 1st quarter. Bank of New York Mellon Corp now owns 319,511 shares of the company’s stock worth $4,569,000 after purchasing an additional 13,838 shares in the last quarter. Prudential Financial Inc. increased its holdings in Entercom Communications Corporation by 4.1% during the 1st quarter. Prudential Financial Inc. now owns 126,528 shares of the company’s stock worth $1,809,000 after purchasing an additional 5,000 shares in the last quarter. American International Group Inc. increased its holdings in Entercom Communications Corporation by 7.1% during the 1st quarter. American International Group Inc. now owns 15,990 shares of the company’s stock worth $229,000 after purchasing an additional 1,065 shares in the last quarter. Finally, Spark Investment Management LLC bought a new position in Entercom Communications Corporation during the 1st quarter worth about $270,000. Hedge funds and other institutional investors own 55.50% of the company’s stock.
A number of equities analysts have issued reports on the company. BidaskClub upgraded Entercom Communications Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Noble Financial reiterated a “buy” rating on shares of Entercom Communications Corporation in a report on Monday, July 31st.
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Entercom Communications Corporation (NYSE ETM) opened at 12.30 on Monday. Entercom Communications Corporation has a one year low of $9.45 and a one year high of $16.55. The stock has a 50 day moving average price of $10.81 and a 200 day moving average price of $10.99. The company has a market cap of $501.34 million, a PE ratio of 27.58 and a beta of 1.12.
Entercom Communications Corporation (NYSE:ETM) last announced its quarterly earnings data on Friday, July 28th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.07. Entercom Communications Corporation had a net margin of 4.27% and a return on equity of 8.50%. The firm had revenue of $125.00 million for the quarter, compared to analyst estimates of $121.42 million. During the same quarter in the prior year, the business earned $0.26 earnings per share. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities analysts anticipate that Entercom Communications Corporation will post $0.91 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 15th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, August 11th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 8.94%. Entercom Communications Corporation’s dividend payout ratio is presently 66.67%.
About Entercom Communications Corporation
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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