Cumulus Media Inc. (NASDAQ: CMLS – Get a rating) benefited from a sharp increase in short-term interest during the month of June. As of June 30, there was short interest totaling 411,500 shares, an increase of 147.0% from the June 15 total of 166,600 shares. Based on an average daily trading volume of 293,300 shares, the days-to-cover ratio is currently 1.4 days. Currently, 2.3% of the company’s shares are sold short.
A number of analysts have commented on the company. StockNews.com upgraded Cumulus Media from a “strong buy” rating to a “buy” rating in a Monday, May 30 research report. Barrington Research began covering Cumulus Media in a report on Thursday, May 5. They issued an “outperform” rating and a price target of $21.00 for the company. Four equity research analysts rated the stock with a buy rating. According to MarketBeat.com, Cumulus Media has a consensus rating of “Buy” and a consensus price target of $24.67.
In other Cumulus Media news, Executive Vice President Richard Denning sold 2,500 shares of Cumulus Media in a trade dated Monday, May 2. The stock was sold at an average price of $13.71, for a total transaction of $34,275.00. Following the completion of the sale, the executive vice president now owns 78,252 shares of the company, valued at approximately $1,072,834.92. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, insider David Edward Milner sold 3,000 shares of Cumulus Media in a trade dated Monday, May 2. The stock was sold at an average price of $13.62, for a total value of $40,860.00. Following the sale, the insider now directly owns 81,062 shares of the company, valued at approximately $1,104,064.44. Disclosure of this sale can be found here. 3.20% of the shares are held by insiders.
Several institutional investors have recently changed their positions in the stock. Raymond James & Associates acquired a new stake in Cumulus Media during the 4th quarter for a value of approximately $175,000. Verition Fund Management LLC acquired a new position in shares of Cumulus Media during the first quarter valued at approximately $187,000. CastleKnight Management LP acquired a new stock position in Cumulus Media during the fourth quarter worth approximately $235,000. JPMorgan Chase & Co. increased its equity stake in Cumulus Media by 34.0% during the first quarter. JPMorgan Chase & Co. now owns 31,056 shares of the company valued at $310,000 after acquiring 7,886 additional shares in the last quarter. Finally, Calamos Advisors LLC increased its stake in Cumulus Media shares by 12.9% during the fourth quarter. Calamos Advisors LLC now owns 33,469 shares of the company valued at $377,000 after acquiring 3,820 additional shares in the last quarter. Hedge funds and other institutional investors own 70.90% of the company’s shares.
Shares of Cumulus Media opened at $6.52 on Friday. The company has a quick ratio of 2.89, a current ratio of 2.89 and a debt ratio of 2.40. Cumulus Media has a 12-month low of $6.52 and a 12-month high of $15.67. The company has a 50-day moving average price of $10.31 and a 200-day moving average price of $10.90. The company has a market capitalization of $133.68 million, a PE ratio of 3.56 and a beta of 1.59.
Cumulus Media (NASDAQ: CMLS- Get a rating) last reported quarterly results on Wednesday, May 4. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.34. Cumulus Media achieved a return on equity of 3.63% and a net margin of 4.04%. The company posted revenue of $232.03 million in the quarter, versus analyst estimates of $227.20 million. On average, sell-side analysts expect Cumulus Media to post EPS of 2.05 for the current year.
Cumulus Media Company Profile (Get a rating)
Cumulus Media Inc, an audio media company, owns and operates radio stations in the United States. It owns and operates 406 stations in 86 markets, as well as approximately 9,500 stations affiliated through Westwood One. The Company’s content portfolio includes sports, news, talk and entertainment shows from various brands, including the NFL, NCAA, Masters, CNN, AP, Academy of Country Music Awards and other partners.
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