Insider Selling: Cumulus Media Inc (NASDAQ:CMLS) Major Shareholder Sells $450,120.00 in Stock

Cumulus Media Inc (NASDAQ:CMLS) major shareholder Sp Signal Manager, Llc sold 31,000 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $14.52, for a total transaction of $450,120.00. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Shares of NASDAQ:CMLS opened at $13.73 on Friday. The company has a market cap of $197.05 million, a P/E ratio of 3.38 and a beta of 1.60. The stock’s 50-day moving average is $13.82 and its 200-day moving average is $16.25. Cumulus Media Inc has a 52-week low of $9.70 and a 52-week high of $20.00. The company has a debt-to-equity ratio of 2.76, a quick ratio of 2.81 and a current ratio of 2.81.

Cumulus Media (NASDAQ:CMLS) last issued its quarterly earnings results on Thursday, August 8th. The company reported $2.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.58 by $0.53. The company had revenue of $279.67 million for the quarter, compared to the consensus estimate of $284.13 million. Cumulus Media had a return on equity of 20.45% and a net margin of 8.76%. As a group, equities analysts predict that Cumulus Media Inc will post 2.78 EPS for the current year.

Large investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in shares of Cumulus Media by 52.6% in the second quarter. JPMorgan Chase & Co. now owns 3,898 shares of the company’s stock valued at $69,000 after purchasing an additional 1,344 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Cumulus Media by 255.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 5,827 shares of the company’s stock valued at $108,000 after purchasing an additional 4,189 shares during the last quarter. Northern Trust Corp acquired a new stake in shares of Cumulus Media in the second quarter valued at about $222,000. Citadel Advisors LLC acquired a new stake in shares of Cumulus Media in the second quarter valued at about $251,000. Finally, Alambic Investment Management L.P. acquired a new stake in shares of Cumulus Media in the second quarter valued at about $294,000.

CMLS has been the topic of several research analyst reports. Zacks Investment Research downgraded Cumulus Media from a “hold” rating to a “sell” rating in a research report on Thursday, August 22nd. B. Riley set a $19.00 price target on Cumulus Media and gave the company a “hold” rating in a research report on Wednesday, August 21st. ValuEngine raised Cumulus Media from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Finally, Noble Financial reaffirmed a “buy” rating and issued a $26.00 price target on shares of Cumulus Media in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $20.25.

Cumulus Media Company Profile

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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