According to a Securities & Exchange Commission filing made last week by Entercom Communications, some 11.4% of the company is now owned by a big financial institution.
The revelation came via a rather quiet Schedule 13G/A filing, and this Wall Street giant now holds many millions of shares of Class A common stock.
The institution in question is JPMorgan Chase & Co., and it now beneficially owns 4,128,879 shares of ETM stock.
This translates to 12.3% of all Class A shares in Entercom.
As a result, JPMorgan Chase now owns 11.4% of the media company, when factoring in preferred shares.
The investment is a very good show of support for the Philadelphia-based entity, as such equity positions are generally conducted after an evaluation determining confidence and optimism in a company.
Some 82 hedge funds and institutional investors share ownership of Entercom, OCTA FINANCE reports.
Venator Capital Management Ltd. is “the most positive institutional investor” in Entercom, with its 1,155,500 shares holding 13.63% of the fund’s portfolio.
Another major institutional investor in Entercom is Contrarius Investment Management, owning 2,992,226 shares. However, those shares represent just 2.9% of its porfolio of stocks, OCTA notes.
SEC Form 13G is used when a filer possesses between 5% and 20% of the company and plans to hold it only as a passive investor.