U.S. financial markets were rebounding from Wednesday’s steep drop in midday trading on Wednesday. But, Entercom Communications shares weren’t heading upward with general indices. Rather, a sizable decline in value was seen within the first hour, carrying into the PM hours.
At the Closing Bell, ETM was off a steep 5.6% to $3.19 per share. In early after-hours trading, it gained back a penny.
With a 1-year target estimate of $5.65, that’s another disappointing turn for a stock priced at $7.35 a share on February 12 and at $5.76 on July 23.
In fact, Entercom’s midday pricing on Thursday marks a fresh year-to-date low — and a new five-year low.
ETM hasn’t been priced this low since July 2009, when it began to climb out of a Great Recession-fueled meltdown in value.
Entercom’s Forward Yield is 2.4% and has a Dividend Yield of 0.08. It’s Q3 earnings report is due in one month.