Ancora Advisors LLC grew its stake in Cumulus Media Inc (NASDAQ:CMLS) by 580.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 306,780 shares of the company’s stock after purchasing an additional 261,680 shares during the quarter. Ancora Advisors LLC owned approximately 1.81% of Cumulus Media worth $5,691,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of CMLS. Oppenheimer Asset Management Inc. purchased a new stake in shares of Cumulus Media during the first quarter valued at approximately $30,000. Spark Investment Management LLC purchased a new stake in Cumulus Media in the first quarter worth $189,000. Marshall Wace LLP purchased a new stake in Cumulus Media in the first quarter worth $374,000. Benefit Street Partners LLC purchased a new stake in Cumulus Media in the first quarter worth $894,000. Finally, Strs Ohio purchased a new stake in Cumulus Media in the second quarter worth $639,000.
Shares of CMLS traded down $0.04 during trading hours on Friday, hitting $14.55. The company had a trading volume of 361 shares, compared to its average volume of 64,310. Cumulus Media Inc has a 52-week low of $9.70 and a 52-week high of $20.00. The firm has a market cap of $205.95 million and a P/E ratio of 3.64. The company has a quick ratio of 2.81, a current ratio of 2.81 and a debt-to-equity ratio of 2.76. The stock’s 50 day moving average price is $14.29 and its 200 day moving average price is $16.90.
Cumulus Media (NASDAQ:CMLS) last announced its quarterly earnings results on Thursday, August 8th. The company reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.53. Cumulus Media had a return on equity of 20.45% and a net margin of 8.76%. The company had revenue of $279.67 million for the quarter, compared to the consensus estimate of $284.13 million. On average, research analysts expect that Cumulus Media Inc will post 2.78 EPS for the current fiscal year.
CMLS has been the subject of a number of recent research reports. B. Riley set a $19.00 target price on Cumulus Media and gave the stock a “hold” rating in a research report on Wednesday, August 21st. ValuEngine upgraded Cumulus Media from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 4th. Noble Financial reiterated a “buy” rating and issued a $26.00 price target on shares of Cumulus Media in a research report on Friday, August 9th. Finally, Zacks Investment Research cut Cumulus Media from a “hold” rating to a “sell” rating in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $20.25.
About Cumulus Media
Cumulus Media Inc owns and operates radio stations in the United States. The company operates through two segments, Cumulus Radio Station Group and Westwood One. It sells broadcasting time on its owned or operated stations to local, regional, and national advertisers; and network advertising. The company offers content through approximately 433 owned-and-operated stations in 88 United States media markets; and approximately 8,000 broadcast radio stations affiliates and various digital channels.
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