Cumulus Media Inc. (CMLS) Announces Earnings Results
Cumulus Media Inc. (NASDAQ:CMLS) posted its quarterly earnings results on Monday. The company reported $0.19 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.19, Bloomberg Earnings reports. The business had revenue of $290.53 million for the quarter, compared to analyst estimates of $288 million.
Shares of Cumulus Media (NASDAQ:CMLS) opened at 0.46 on Wednesday. The stock has a 50 day moving average of $0.43 and a 200 day moving average of $0.50. Cumulus Media has a 52 week low of $0.22 and a 52 week high of $3.28. The firm’s market cap is $13.48 million.
A number of equities research analysts have weighed in on CMLS shares. Noble Financial reiterated a “hold” rating on shares of Cumulus Media in a research note on Thursday, May 18th. Zacks Investment Research downgraded shares of Cumulus Media from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Q Global Advisors LLC bought a new position in shares of Cumulus Media during the first quarter worth approximately $191,000. Zazove Associates LLC boosted its position in shares of Cumulus Media by 2.9% in the first quarter. Zazove Associates LLC now owns 700,576 shares of the company’s stock worth $225,000 after buying an additional 20,000 shares during the last quarter. Alta Fundamental Advisers LLC bought a new position in shares of Cumulus Media during the second quarter worth approximately $321,000. Finally, Renaissance Technologies LLC boosted its position in shares of Cumulus Media by 65.2% in the first quarter. Renaissance Technologies LLC now owns 334,805 shares of the company’s stock worth $107,000 after buying an additional 132,100 shares during the last quarter. Institutional investors own 66.53% of the company’s stock.
About Cumulus Media
Cumulus Media Inc (Cumulus) is a radio broadcasting company. The Company is also a provider of country music and lifestyle content through its NASH brand, which serves through radio programming, NASH Country Weekly magazine and live events. Its product lines include broadcast advertising, digital advertising, political advertising and non-advertising based license fees.
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