Cumulus Media (NASDAQ:CMLS) Lowered to “Hold” at Zacks Investment Research

Cumulus Media (NASDAQ:CMLS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Cumulus Media Inc. is a radio broadcasting company. It owns and operates radio stations which provide local programs, music, sports, entertainment, news and advertising solutions. Cumulus Media Inc. is based in Atlanta, United States. “

Separately, B. Riley lifted their target price on Cumulus Media from $14.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, May 27th.

Shares of CMLS stock traded down $0.29 on Thursday, reaching $10.62. 192,485 shares of the company’s stock were exchanged, compared to its average volume of 103,378. Cumulus Media has a 52 week low of $3.61 and a 52 week high of $11.75. The company has a quick ratio of 3.62, a current ratio of 3.62 and a debt-to-equity ratio of 3.15. The company has a market cap of $217.14 million, a PE ratio of -2.91 and a beta of 2.20. The business has a fifty day moving average of $10.00.

Cumulus Media (NASDAQ:CMLS) last issued its quarterly earnings results on Wednesday, May 5th. The company reported ($1.07) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($1.88) by $0.81. Cumulus Media had a negative return on equity of 17.40% and a negative net margin of 9.40%. Equities analysts predict that Cumulus Media will post -0.34 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of CMLS. Meeder Asset Management Inc. bought a new stake in Cumulus Media during the 1st quarter valued at $37,000. Public Employees Retirement System of Ohio bought a new position in shares of Cumulus Media in the 4th quarter worth $39,000. Virtu Financial LLC bought a new position in shares of Cumulus Media in the 4th quarter worth $90,000. Trexquant Investment LP bought a new position in shares of Cumulus Media in the 4th quarter worth $93,000. Finally, Citigroup Inc. bought a new position in shares of Cumulus Media in the 4th quarter worth $114,000. 66.40% of the stock is owned by institutional investors and hedge funds.

About Cumulus Media

Cumulus Media Inc, an audio-first media and entertainment company, owns and operates radio stations in the United States. It owns and operates 415 stations in 86 markets, as well as approximately 7,300 affiliated stations through Westwood One. The company's content portfolio includes sports, news, talk, and entertainment programming from various brands, including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and other partners.

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