Zacks: Brokerages Expect Cumulus Media Inc (NASDAQ:CMLS) Will Announce Quarterly Sales of $284.13 Million

Brokerages expect Cumulus Media Inc (NASDAQ:CMLS) to report $284.13 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Cumulus Media’s earnings, with estimates ranging from $283.00 million to $285.25 million. The business is expected to announce its next earnings results on Thursday, August 8th.

According to Zacks, analysts expect that Cumulus Media will report full year sales of $1.12 billion for the current fiscal year, with estimates ranging from $1.11 billion to $1.13 billion. For the next year, analysts forecast that the firm will report sales of $1.13 billion, with estimates ranging from $1.11 billion to $1.15 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Cumulus Media.

Cumulus Media (NASDAQ:CMLS) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.09). The firm had revenue of $267.50 million for the quarter, compared to the consensus estimate of $263.54 million.

CMLS has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Cumulus Media from a “hold” rating to a “strong-buy” rating and set a $22.00 price target on the stock in a research note on Tuesday, March 26th. Noble Financial set a $26.00 price target on shares of Cumulus Media and gave the company a “buy” rating in a research note on Friday, May 10th. Finally, B. Riley initiated coverage on shares of Cumulus Media in a research note on Tuesday, May 7th. They issued a “neutral” rating and a $20.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $20.50.

Shares of CMLS traded down $0.13 during mid-day trading on Thursday, reaching $16.90. The company had a trading volume of 3,598 shares, compared to its average volume of 74,499. The business’s 50 day moving average price is $17.12. Cumulus Media has a 1-year low of $9.70 and a 1-year high of $26.00. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 3.37.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Zazove Associates LLC raised its holdings in Cumulus Media by 44.3% in the 4th quarter. Zazove Associates LLC now owns 394,666 shares of the company’s stock valued at $4,341,000 after buying an additional 121,068 shares during the last quarter. Benefit Street Partners LLC bought a new position in Cumulus Media in the 1st quarter valued at approximately $894,000. Tibra Equities Europe Ltd bought a new position in Cumulus Media in the 1st quarter valued at approximately $431,000. Marshall Wace LLP bought a new position in Cumulus Media in the 1st quarter valued at approximately $374,000. Finally, Spark Investment Management LLC bought a new position in Cumulus Media in the 1st quarter valued at approximately $189,000. Institutional investors own 93.01% of the company’s stock.

About Cumulus Media

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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