According to a SEC filing made Thursday (5/10), a stock purchase giving “beneficial ownership” of a sizable number of Entercom Class A shares to one of the nation’s biggest investment firms has been made.
This deal gives Fidelity Investments a big chunk of the radio broadcasting company’s publicly traded stock.
Yes, it’s the Fidelity Investments that might be managing your stock portfolio and/or retirement funds.
On Wednesday, Fidelity Investments CEO Abigail P. Johnson signed off on her firm’s purchase of exactly 14,956,974 Class A Entercom shares.
There’s no dollar value presented, which puts into question when the transaction occurred.
What isn’t in question is that Fidelity now possesses 10.9% of Entercom’s publicly traded shares.
The timing of the stock purchase suggests Fidelity may be looking for undervalued assets to acquire, as Johnson OK’d the stock buy some 24 hours after Entercom released Q1 2018 earnings results that largely disappointed investors and Wall Street financial analysts.
To say Entercom stock holders are displeased with the company’s performance during the first three months of 2018 is an understatement. ETM shares slumped again Friday, and with 15 minutes remaining in the trading day were down another 2.6%, to $7.43.
That’s a level not seen since mid-March 2013.
Volume was again exceptionally high, at 4.05 million shares as of 3:48pm Eastern. Normal trading volume for Entercom is 2.05 million shares.
