Oppenheimer Asset Management Inc. Grows Stock Holdings in Cumulus Media Inc (NASDAQ:CMLS)

Oppenheimer Asset Management Inc. grew its holdings in Cumulus Media Inc (NASDAQ:CMLS) by 255.7% during the 2nd quarter, Holdings Channel reports. The fund owned 5,827 shares of the company’s stock after purchasing an additional 4,189 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cumulus Media were worth $108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in CMLS. Beach Point Capital Management LP boosted its holdings in shares of Cumulus Media by 25.0% in the 2nd quarter. Beach Point Capital Management LP now owns 660,376 shares of the company’s stock valued at $12,250,000 after acquiring an additional 132,006 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Cumulus Media by 30.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 380,176 shares of the company’s stock worth $7,044,000 after purchasing an additional 87,927 shares in the last quarter. Benefit Street Partners LLC purchased a new stake in Cumulus Media in the 1st quarter worth approximately $894,000. Strs Ohio purchased a new stake in Cumulus Media in the 2nd quarter worth approximately $639,000. Finally, Marshall Wace LLP purchased a new stake in Cumulus Media in the 1st quarter worth approximately $374,000.

Several equities research analysts have commented on the company. Noble Financial restated a “buy” rating and issued a $26.00 price objective on shares of Cumulus Media in a research report on Friday, August 9th. B. Riley set a $19.00 price objective 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. Finally, Zacks Investment Research lowered Cumulus Media from a “hold” rating to a “sell” rating in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $20.25.

Cumulus Media stock traded down $0.21 during mid-day trading on Friday, hitting $14.38. The company had a trading volume of 148,080 shares, compared to its average volume of 67,447. The company has a current ratio of 2.81, a quick ratio of 2.81 and a debt-to-equity ratio of 2.76. Cumulus Media Inc has a 12-month low of $9.70 and a 12-month high of $20.00. The company’s fifty day moving average is $14.26 and its 200-day moving average is $16.89. The company has a market capitalization of $211.84 million and a price-to-earnings ratio of 3.75.

Cumulus Media (NASDAQ:CMLS) last released its quarterly earnings data on Thursday, August 8th. The company reported $2.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.53. Cumulus Media had a return on equity of 20.45% and a net margin of 8.76%. The business had revenue of $279.67 million for the quarter, compared to analyst estimates of $284.13 million. As a group, sell-side analysts expect that Cumulus Media Inc will post 2.78 EPS for the current fiscal year.

Cumulus Media Profile

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.

Further Reading: Market Perform

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Institutional Ownership by Quarter for Cumulus Media (NASDAQ:CMLS)

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