California State Teachers Retirement System cut its position in shares of Entercom Communications Corp. (NYSE:ETM) by 2.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,628 shares of the company’s stock after selling 1,500 shares during the quarter. California State Teachers Retirement System owned approximately 0.12% of Entercom Communications worth $514,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Teachers Advisors LLC grew its position in Entercom Communications by 2.9% during the 1st quarter. Teachers Advisors LLC now owns 60,887 shares of the company’s stock worth $871,000 after acquiring an additional 1,744 shares during the last quarter. Vanguard Group Inc. grew its position in Entercom Communications by 11.9% during the 1st quarter. Vanguard Group Inc. now owns 1,023,475 shares of the company’s stock worth $14,636,000 after acquiring an additional 108,488 shares during the last quarter. Geode Capital Management LLC grew its position in Entercom Communications by 12.9% during the 1st quarter. Geode Capital Management LLC now owns 185,198 shares of the company’s stock worth $2,648,000 after acquiring an additional 21,207 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Entercom Communications by 5.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 109,031 shares of the company’s stock worth $1,560,000 after acquiring an additional 5,643 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Entercom Communications by 1.3% during the 1st quarter. Bank of America Corp DE now owns 81,955 shares of the company’s stock worth $1,172,000 after acquiring an additional 1,032 shares during the last quarter. Hedge funds and other institutional investors own 65.97% of the company’s stock.
In other Entercom Communications news, Chairman Joseph M. Field acquired 180,282 shares of the company’s stock in a transaction 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 acquisition, the chairman now owns 3,529,177 shares in the company, valued at approximately $41,361,954.44. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Joseph M. Field acquired 168,162 shares of the company’s stock in a transaction on Monday, November 27th. The stock was acquired at an average price of $11.81 per share, with a total value of $1,985,993.22. Following the acquisition, the chairman now owns 3,762,621 shares in the company, valued at approximately $44,436,554.01. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 423,444 shares of company stock valued at $4,978,398. Company insiders own 32.57% of the company’s stock.
Entercom Communications Corp. (NYSE ETM) traded down $0.25 on Thursday, reaching $11.05. The company had a trading volume of 3,746,900 shares, compared to its average volume of 1,225,565. 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 Corp. has a fifty-two week low of $9.45 and a fifty-two week high of $16.55. The company has a market cap of $460.24, a price-to-earnings ratio of 13.95 and a beta of 1.09.
Entercom Communications (NYSE:ETM) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $122.30 million for the quarter, compared to analyst estimates of $120.76 million. During the same period last year, the company earned $0.27 EPS. Entercom Communications’s revenue for the quarter was up .6% compared to the same quarter last year.
Entercom Communications announced that its board has authorized a stock repurchase program on Thursday, November 2nd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 22.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 3.26%. The ex-dividend date is Monday, November 27th. Entercom Communications’s dividend payout ratio (DPR) is currently 138.46%.
Several research firms recently issued reports on ETM. Noble Financial restated a “buy” rating on shares of Entercom Communications in a research report on Monday, November 27th. BidaskClub upgraded Entercom Communications from a “sell” rating to a “hold” rating in a research report on Friday, August 11th.
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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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