Entercom Communications (ETM) Cut 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.

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 equities analysts have also commented on ETM. Noble Financial reiterated a buy rating on shares of Entercom Communications in a research note on Monday, November 27th. ValuEngine lowered shares of 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 issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold.

Shares of Entercom Communications (NYSE ETM) traded up $0.05 during trading hours on Monday, reaching $11.20. 2,664,123 shares of the company traded hands, compared to its average volume of 2,521,840. The firm has a market capitalization of $1,550.00, a PE ratio of 44.80, a price-to-earnings-growth ratio of 5.14 and a beta of 1.10. Entercom Communications has a 52-week low of $9.45 and a 52-week high of $16.55. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 1.23.

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

The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th were paid a $0.09 dividend. The ex-dividend date was Monday, November 27th. This represents a $0.36 annualized dividend and a yield of 3.21%. Entercom Communications’s dividend payout ratio is currently 144.00%.

Entercom Communications declared that its Board of Directors has approved a stock buyback plan on Thursday, November 2nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

In other Entercom Communications news, insider David J. Field bought 25,000 shares of the stock in a transaction dated Friday, November 17th. The shares were acquired at an average cost of $11.60 per share, for a total transaction of $290,000.00. Following the completion of the transaction, the insider now owns 1,823,072 shares in the company, valued at approximately $21,147,635.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Joseph M. Field bought 180,282 shares of the stock in a transaction dated Tuesday, November 21st. The shares were acquired at an average price of $11.72 per share, for a total transaction of $2,112,905.04. Following the completion of the transaction, 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. Insiders acquired 423,444 shares of company stock worth $4,978,398 over the last quarter. 32.57% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in ETM. Schwab Charles Investment Management Inc. grew its position in shares of Entercom Communications by 0.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 109,658 shares of the company’s stock worth $1,135,000 after acquiring an additional 627 shares during the last quarter. Rhumbline Advisers grew its position in shares of Entercom Communications by 3.1% during the second quarter. Rhumbline Advisers now owns 34,558 shares of the company’s stock worth $358,000 after acquiring an additional 1,047 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in shares of Entercom Communications by 9.5% during the second quarter. BNP Paribas Arbitrage SA now owns 33,088 shares of the company’s stock worth $342,000 after acquiring an additional 2,883 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Entercom Communications by 7.0% during the second quarter. JPMorgan Chase & Co. now owns 4,399,135 shares of the company’s stock worth $45,531,000 after acquiring an additional 287,581 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Entercom Communications by 25.5% during the second quarter. Wells Fargo & Company MN now owns 50,606 shares of the company’s stock worth $523,000 after acquiring an additional 10,281 shares during the last quarter. Institutional investors and hedge funds 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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