Cumulus Media (NASDAQ:CMLS) Raised to Hold at Zacks Investment Research

Cumulus Media (NASDAQ:CMLS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday, 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. “

Several other equities research analysts also recently weighed in on CMLS. Noble Financial set a $26.00 price objective on Cumulus Media and gave the company a “buy” rating in a report on Friday, May 10th. ValuEngine raised Zogenix from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 27th. Finally, B. Riley reissued a “buy” rating on shares of LightPath Technologies in a report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Cumulus Media currently has a consensus rating of “Hold” and a consensus target price of $20.50.

Shares of NASDAQ CMLS traded up $0.37 during mid-day trading on Wednesday, hitting $17.88. 715 shares of the stock traded hands, compared to its average volume of 70,769. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 3.37. Cumulus Media has a twelve month low of $9.70 and a twelve month high of $26.00. The firm’s 50 day simple moving average is $17.25.

Cumulus Media (NASDAQ:CMLS) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.09). The company had revenue of $267.50 million during the quarter, compared to the consensus estimate of $263.54 million. On average, research analysts anticipate that Cumulus Media will post 2.73 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMLS. Benefit Street Partners LLC acquired a new stake in shares of Cumulus Media during the 1st quarter valued at $894,000. Tibra Equities Europe Ltd acquired a new stake in shares of Cumulus Media during the 1st quarter valued at $431,000. Marshall Wace LLP acquired a new stake in shares of Cumulus Media during the 1st quarter valued at $374,000. Spark Investment Management LLC acquired a new stake in shares of Cumulus Media during the 1st quarter valued at $189,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Cumulus Media during the 1st quarter worth $30,000. 93.01% of the stock is currently owned by institutional investors.

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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