Entercom Communications (ETM) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Entercom Communications (NYSE:ETM) from a hold rating to a sell rating in a research report report published on Monday, January 8th.

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. “

ETM has been the topic of several other research reports. Noble Financial reiterated a buy rating on shares of Entercom Communications in a research note on Monday, November 27th. ValuEngine cut Entercom Communications from a buy rating to a hold rating in a research note on Sunday, December 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company has an average rating of Hold.

Shares of Entercom Communications (NYSE ETM) traded up $0.10 during midday trading on Monday, hitting $11.45. The stock had a trading volume of 3,105,500 shares, compared to its average volume of 2,575,690. Entercom Communications has a 52 week low of $9.45 and a 52 week high of $16.55. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.21 and a quick ratio of 2.21. The stock has a market capitalization of $1,570.00, a P/E ratio of 45.80, a price-to-earnings-growth ratio of 5.23 and a beta of 1.10.

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

Entercom Communications declared that its board has approved a stock buyback program on Thursday, November 2nd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 22.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

In other Entercom Communications news, Chairman Joseph M. Field purchased 168,162 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were acquired at an average price of $11.81 per share, for a total transaction of $1,985,993.22. Following the completion of the purchase, the chairman now owns 3,762,621 shares in the company, valued at approximately $44,436,554.01. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Joseph M. Field purchased 180,282 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was acquired at an average price of $11.72 per share, for a total transaction of $2,112,905.04. Following the purchase, the chairman now owns 3,529,177 shares of the company’s stock, valued at approximately $41,361,954.44. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 423,444 shares of company stock worth $4,978,398. Insiders own 32.57% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in ETM. Gruss Capital Management LP raised its stake in Entercom Communications by 661.7% during the third quarter. Gruss Capital Management LP now owns 1,409,235 shares of the company’s stock valued at $16,136,000 after buying an additional 1,224,235 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in Entercom Communications during the third quarter valued at approximately $9,455,000. WS Management Lllp acquired a new stake in Entercom Communications during the third quarter valued at approximately $8,600,000. Rovida Advisors Inc. acquired a new stake in Entercom Communications during the third quarter valued at approximately $6,521,000. Finally, Northern Trust Corp raised its stake in Entercom Communications by 35.5% during the second quarter. Northern Trust Corp now owns 1,465,228 shares of the company’s stock valued at $15,165,000 after buying an additional 383,788 shares in the last quarter. Hedge funds and other institutional investors own 65.75% of the company’s stock.

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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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