Cumulus Media Inc. (NASDAQ:CMLS – Free Report) – Analysts at B. Riley lowered their FY2023 EPS estimates for shares of Cumulus Media in a research note issued on Monday, October 30th. B. Riley analyst D. Day now expects that the company will earn ($1.84) per share for the year, down from their prior estimate of ($1.72). B. Riley currently has a “Buy” rating and a $11.00 target price on the stock. The consensus estimate for Cumulus Media’s current full-year earnings is ($1.80) per share. B. Riley also issued estimates for Cumulus Media’s Q4 2023 earnings at ($0.77) EPS, FY2024 earnings at $0.68 EPS and FY2025 earnings at ($0.24) EPS.
Several other equities research analysts have also weighed in on CMLS. Barrington Research reaffirmed an “outperform” rating and issued a $8.00 target price on shares of Cumulus Media in a report on Monday, July 31st. StockNews.com began coverage on shares of Cumulus Media in a report on Thursday, October 5th. They issued a “hold” rating on the stock.
Cumulus Media Trading Up 4.2 %
Shares of CMLS stock opened at $4.70 on Wednesday. Cumulus Media has a 52-week low of $2.57 and a 52-week high of $7.89. The stock has a market cap of $77.41 million, a price-to-earnings ratio of -4.39 and a beta of 1.55. The company has a debt-to-equity ratio of 2.29, a quick ratio of 2.13 and a current ratio of 2.15. The firm has a fifty day moving average of $4.84 and a 200-day moving average of $4.25.
Institutional Investors Weigh In On Cumulus Media
Several large investors have recently made changes to their positions in CMLS. Morgan Stanley grew its holdings in Cumulus Media by 50,874.9% during the 4th quarter. Morgan Stanley now owns 1,979,867 shares of the company’s stock worth $12,295,000 after acquiring an additional 1,975,983 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Cumulus Media by 26.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 659,323 shares of the company’s stock worth $4,635,000 after acquiring an additional 139,208 shares during the last quarter. State Street Corp grew its holdings in Cumulus Media by 255.4% during the 2nd quarter. State Street Corp now owns 185,592 shares of the company’s stock worth $1,435,000 after acquiring an additional 133,373 shares during the last quarter. Northern Trust Corp grew its holdings in Cumulus Media by 264.7% during the 2nd quarter. Northern Trust Corp now owns 162,488 shares of the company’s stock worth $1,257,000 after acquiring an additional 117,933 shares during the last quarter. Finally, Zazove Associates LLC grew its holdings in Cumulus Media by 8.6% during the 1st quarter. Zazove Associates LLC now owns 1,315,617 shares of the company’s stock worth $4,855,000 after acquiring an additional 104,358 shares during the last quarter. Institutional investors own 46.43% of the company’s stock.
About Cumulus Media
Cumulus Media Inc, an audio-first media company, owns and operates radio stations in the United States. It owns and operates 404 stations in 85 markets, as well as approximately 9,400 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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