Cumulus Media Inc. (NASDAQ:CMLS) Forecasted to Post Q4 2022 Earnings of $0.58 Per Share

Cumulus Media Inc. (NASDAQ:CMLS – Get Rating) – Equities research analysts at B. Riley reduced their Q4 2022 earnings per share (EPS) estimates for shares of Cumulus Media in a report issued on Thursday, August 4th. B. Riley analyst D. Day now anticipates that the company will earn $0.58 per share for the quarter, down from their previous forecast of $0.75. The consensus estimate for Cumulus Media’s current full-year earnings is $1.81 per share. B. Riley also issued estimates for Cumulus Media’s FY2023 earnings at $1.76 EPS and FY2024 earnings at $4.06 EPS.

CMLS has been the subject of several other reports. StockNews.com downgraded Cumulus Media from a “buy” rating to a “hold” rating in a research report on Thursday. Barrington Research initiated coverage on Cumulus Media in a research report on Thursday, May 5th. They issued an “outperform” rating and a $21.00 target price for the company.

Cumulus Media Price Performance

Shares of CMLS stock opened at $8.48 on Friday. The company has a quick ratio of 2.89, a current ratio of 2.89 and a debt-to-equity ratio of 2.40. Cumulus Media has a twelve month low of $6.46 and a twelve month high of $15.67. The company has a market cap of $173.87 million, a P/E ratio of 3.34 and a beta of 1.53. The business has a fifty day simple moving average of $8.71 and a 200 day simple moving average of $10.57.

Cumulus Media (NASDAQ:CMLS – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.34. Cumulus Media had a return on equity of 5.50% and a net margin of 5.51%. The business had revenue of $232.03 million during the quarter, compared to the consensus estimate of $227.20 million.

Institutional Investors Weigh In On Cumulus Media

Several institutional investors and hedge funds have recently made changes to their positions in CMLS. Zazove Associates LLC acquired a new stake in shares of Cumulus Media in the first quarter valued at about $10,959,000. Beach Point Capital Management LP increased its stake in shares of Cumulus Media by 129.9% in the second quarter. Beach Point Capital Management LP now owns 687,098 shares of the company’s stock valued at $5,311,000 after buying an additional 388,215 shares during the period. Warberg Asset Management LLC acquired a new stake in shares of Cumulus Media in the first quarter valued at about $365,000. Renaissance Technologies LLC grew its stake in Cumulus Media by 118.2% during the first quarter. Renaissance Technologies LLC now owns 51,500 shares of the company’s stock worth $512,000 after purchasing an additional 27,900 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Cumulus Media by 5.9% during the first quarter. Dimensional Fund Advisors LP now owns 395,580 shares of the company’s stock worth $3,936,000 after purchasing an additional 21,911 shares during the period. Institutional investors and hedge funds own 70.90% of the company’s stock.

Cumulus Media Company Profile

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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.