Entercom Communications (NYSE:ETM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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 research analysts have also weighed in on ETM. Noble Financial reaffirmed a “buy” rating on shares of Entercom Communications in a research report on Monday, November 27th. ValuEngine lowered Entercom Communications from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Entercom Communications presently has a consensus rating of “Hold” and an average target price of $12.00.
Entercom Communications (NYSE:ETM) last issued its earnings results on Thursday, March 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.12). The firm had revenue of $246.61 million during the quarter, compared to analysts’ expectations of $276.82 million. Entercom Communications had a return on equity of 0.15% and a net margin of 39.55%. The company’s quarterly revenue was up 98.0% compared to the same quarter last year. During the same period last year, the business posted $0.34 earnings per share. analysts predict that Entercom Communications will post 1.13 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Parametric Portfolio Associates LLC raised its position 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 period. Voya Investment Management LLC raised its position 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 period. The Manufacturers Life Insurance Company raised its position 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 period. AXA raised its position in shares of Entercom Communications by 35.6% in the 4th quarter. AXA now owns 19,800 shares of the company’s stock worth $214,000 after buying an additional 5,200 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its position in Entercom Communications by 5.3% in the third quarter. Schwab Charles Investment Management Inc. now owns 115,438 shares of the company’s stock valued at $1,322,000 after purchasing an additional 5,780 shares during the period.
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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