Entercom Communications (NYSE:ETM) Rating Lowered to Sell at Zacks Investment Research

Entercom Communications (NYSE:ETM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday, Zacks.com reports.

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. “

A number of other analysts also recently weighed in on ETM. B. Riley set a $6.00 price target on Entercom Communications and gave the company a “buy” rating in a research note on Friday, August 16th. ValuEngine downgraded Entercom Communications from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $4.79.

ETM traded down $0.31 during trading on Friday, hitting $3.53. 1,091,608 shares of the stock were exchanged, compared to its average volume of 1,388,155. The firm has a market capitalization of $513.71 million, a P/E ratio of 4.20 and a beta of 1.21. Entercom Communications has a 1-year low of $2.94 and a 1-year high of $8.30. The stock has a fifty day moving average price of $5.03 and a two-hundred day moving average price of $5.94. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.46.

Entercom Communications (NYSE:ETM) last announced its earnings results on Wednesday, August 7th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.09). Entercom Communications had a negative net margin of 21.69% and a positive return on equity of 7.96%. The company had revenue of $380.70 million during the quarter, compared to analysts’ expectations of $386.57 million. During the same quarter last year, the business posted $0.01 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. Analysts predict that Entercom Communications will post 0.98 EPS for the current year.

In related news, Chairman Joseph M. Field purchased 300,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was bought at an average cost of $5.89 per share, with a total value of $1,767,000.00. Following the completion of the acquisition, the chairman now directly owns 30,125 shares in the company, valued at approximately $177,436.25. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman David J. Field purchased 30,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $5.85 per share, with a total value of $175,500.00. Following the completion of the acquisition, the chairman now owns 1,863,658 shares of the company’s stock, valued at $10,902,399.30. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 1,256,202 shares of company stock valued at $7,295,969. 14.04% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ETM. United Services Automobile Association boosted its position in shares of Entercom Communications by 68.0% in the second quarter. United Services Automobile Association now owns 35,681 shares of the company’s stock worth $207,000 after buying an additional 14,442 shares during the period. Anderson Fisher LLC purchased a new position in Entercom Communications in the second quarter valued at about $78,000. Factorial Partners LLC boosted its holdings in Entercom Communications by 9.7% in the second quarter. Factorial Partners LLC now owns 34,000 shares of the company’s stock valued at $197,000 after purchasing an additional 3,000 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in Entercom Communications in the second quarter valued at about $5,093,000. Finally, UBS Asset Management Americas Inc. boosted its holdings in Entercom Communications by 54.1% in the second quarter. UBS Asset Management Americas Inc. now owns 121,535 shares of the company’s stock valued at $705,000 after purchasing an additional 42,662 shares during the last quarter. 78.30% of the stock is owned by institutional investors.

About Entercom Communications

Entercom Communications Corp., a media and entertainment company, engages in radio broadcasting business in the United States. 3 The company owns and operates radio stations in various formats, such as news, sports, talk, classic rock, urban, adult contemporary, alternative, country, and others. As of February 11, 2019, it had a portfolio of approximately 235 radio stations, digital platforms, and live events.

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