Cumulus Media Inc. Forecasted to Post Q2 2022 Earnings of $0.43 Per Share (NASDAQ:CMLS)

Cumulus Media Inc. (NASDAQ:CMLSGet Rating) – Equities research analysts at Barrington Research issued their Q2 2022 earnings per share estimates for shares of Cumulus Media in a research note issued on Thursday, May 5th. Barrington Research analyst J. Goss anticipates that the company will earn $0.43 per share for the quarter. Barrington Research currently has a “Outperform” rating and a $21.00 price target on the stock. Barrington Research also issued estimates for Cumulus Media’s Q3 2022 earnings at $0.81 EPS, Q4 2022 earnings at $0.93 EPS, FY2022 earnings at $2.10 EPS, Q1 2023 earnings at ($0.19) EPS, Q2 2023 earnings at $0.76 EPS, Q3 2023 earnings at $1.03 EPS, Q4 2023 earnings at $0.97 EPS, FY2023 earnings at $2.55 EPS, Q1 2024 earnings at ($0.07) EPS and FY2024 earnings at $3.40 EPS.

Cumulus Media (NASDAQ:CMLSGet Rating) last issued its earnings results on Wednesday, February 23rd. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.53). The company had revenue of $252.30 million for the quarter, compared to analysts’ expectations of $253.65 million. Cumulus Media had a return on equity of 3.63% and a net margin of 4.04%. During the same period last year, the business posted ($0.01) earnings per share.

CMLS has been the subject of several other reports. StockNews.com assumed coverage on shares of Cumulus Media in a research note on Tuesday, April 19th. They issued a “buy” rating for the company. B. Riley raised their target price on shares of Cumulus Media from $23.00 to $26.00 in a research note on Thursday, February 24th. Finally, Zacks Investment Research upgraded shares of Cumulus Media from a “strong sell” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Cumulus Media has an average rating of “Buy” and a consensus target price of $22.25.

NASDAQ CMLS opened at $15.44 on Monday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 2.91 and a current ratio of 2.89. The firm’s 50 day moving average price is $11.74 and its 200-day moving average price is $11.58. Cumulus Media has a 52-week low of $9.42 and a 52-week high of $15.67. The company has a market cap of $318.31 million, a PE ratio of 8.44 and a beta of 1.42.

Several large investors have recently made changes to their positions in the business. Zazove Associates LLC acquired a new position in shares of Cumulus Media in the 1st quarter valued at $10,959,000. BlackRock Inc. boosted its holdings in shares of Cumulus Media by 9.9% in the 4th quarter. BlackRock Inc. now owns 187,253 shares of the company’s stock valued at $2,107,000 after buying an additional 16,892 shares in the last quarter. Susquehanna International Group LLP boosted its holdings in shares of Cumulus Media by 93.1% in the 4th quarter. Susquehanna International Group LLP now owns 31,058 shares of the company’s stock valued at $349,000 after buying an additional 14,976 shares in the last quarter. Millennium Management LLC acquired a new stake in Cumulus Media during the 4th quarter worth $188,000. Finally, CastleKnight Management LP acquired a new stake in Cumulus Media during the 4th quarter worth $235,000. 70.90% of the stock is currently owned by institutional investors.

In related news, EVP Richard Denning sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $13.71, for a total transaction of $34,275.00. Following the sale, the executive vice president now directly owns 78,252 shares of the company’s stock, valued at approximately $1,072,834.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David Edward Milner sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $13.62, for a total transaction of $40,860.00. Following the sale, the insider now directly owns 81,062 shares in the company, valued at $1,104,064.44. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.

About Cumulus Media (Get Rating)

Cumulus Media Inc, an audio-first 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 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.

See Also

Earnings History and Estimates for Cumulus Media (NASDAQ:CMLS)

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