Entercom Communications (NYSE:ETM) Shares Gap Up on Insider Buying Activity

Entercom Communications Corp. (NYSE:ETM) gapped up before the market opened on Thursday following insider buying activity. The stock had previously closed at $3.31, but opened at $3.44. Entercom Communications shares last traded at $3.59, with a volume of 2,252,527 shares trading hands.

Specifically, Chairman David J. Field acquired 30,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were acquired at an average cost of $5.85 per share, for a total transaction of $175,500.00. Following the completion of the acquisition, the chairman now directly owns 1,863,658 shares in the company, valued at approximately $10,902,399.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Joseph M. Field acquired 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were bought at an average price of $5.89 per share, for a total transaction of $1,767,000.00. Following the completion of the acquisition, the chairman now owns 30,125 shares of the company’s stock, valued at $177,436.25. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 1,256,202 shares of company stock worth $7,295,969. Insiders own 14.04% of the company’s stock.

A number of equities research analysts recently commented on ETM shares. Zacks Investment Research upgraded shares of Entercom Communications from a “sell” rating to a “hold” rating in a report on Tuesday, July 2nd. ValuEngine lowered shares of Entercom Communications from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 1st. Finally, B. Riley started coverage on shares of Entercom Communications in a report on Thursday, April 18th. They set a “buy” rating and a $7.75 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $5.14.

The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 1.48. The business’s fifty day moving average is $5.40 and its 200 day moving average is $6.06. The firm has a market capitalization of $474.89 million, a price-to-earnings ratio of 4.27 and a beta of 1.21.

Entercom Communications (NYSE:ETM) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.09). Entercom Communications had a positive return on equity of 7.80% and a negative net margin of 21.69%. The company had revenue of $380.70 million for the quarter, compared to analyst estimates of $386.57 million. During the same quarter in the previous year, the business earned $0.01 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. Equities research analysts expect that Entercom Communications Corp. will post 0.98 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be paid a $0.02 dividend. The ex-dividend date is Wednesday, August 28th. This represents a $0.08 annualized dividend and a yield of 2.23%. Entercom Communications’s payout ratio is currently 42.86%.

Hedge funds have recently modified their holdings of the business. Man Group plc increased its stake in Entercom Communications by 48.1% in the 2nd quarter. Man Group plc now owns 15,400 shares of the company’s stock valued at $89,000 after buying an additional 5,000 shares during the last quarter. Comerica Bank acquired a new stake in Entercom Communications in the 1st quarter valued at $93,000. Creative Planning acquired a new stake in Entercom Communications in the 2nd quarter valued at $102,000. Jane Street Group LLC acquired a new stake in Entercom Communications in the 2nd quarter valued at $111,000. Finally, SG Americas Securities LLC acquired a new stake in Entercom Communications in the 1st quarter valued at $114,000. Hedge funds and other institutional investors own 79.51% of the company’s stock.

About Entercom Communications (NYSE:ETM)

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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