Fintel reports that BlackRock has filed a 13G form with the SEC disclosing ownership of 1.02MM shares of Cumulus Media Inc (CMLS). This represents 5.8% of the company.
In their previous filing dated July 10, 2020 they reported 0.13MM shares and 0.80% of the company, an increase in shares of 668.74% and an increase in total ownership of 5.00% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 195.00% Upside
As of February 1, 2023, the average one-year price target for Cumulus Media is $20.06. The forecasts range from a low of $14.14 to a high of $26.25. The average price target represents an increase of 195.00% from its latest reported closing price of $6.80.
The projected annual revenue for Cumulus Media is $951MM, a decrease of 0.33%. The projected annual EPS is $1.39, a decrease of 9.87%.
Fund Sentiment
There are 222 funds or institutions reporting positions in Cumulus Media. This is an increase of 4 owner(s) or 1.83%.
Average portfolio weight of all funds dedicated to US:CMLS is 0.0565%, a decrease of 23.2852%. Total shares owned by institutions decreased in the last three months by 11.49% to 14,969K shares.
What are large shareholders doing?
Zazove Associates holds 1,211,259 shares representing 6.50% ownership of the company. No change in the last quarter.
Eaton Vance Management holds 1,162,029 shares representing 6.24% ownership of the company. In it's prior filing, the firm reported owning 2,711,541 shares, representing a decrease of 133.35%. The firm decreased its portfolio allocation in CMLS by 58.87% over the last quarter.
Capital World Investors holds 779,368 shares representing 4.18% ownership of the company. No change in the last quarter.
Standard General holds 739,865 shares representing 3.97% ownership of the company. In it's prior filing, the firm reported owning 948,341 shares, representing a decrease of 28.18%. The firm decreased its portfolio allocation in CMLS by 28.10% over the last quarter.
EATON VANCE FLOATING RATE PORTFOLIO holds 644,574 shares representing 3.46% ownership of the company. No change in the last quarter.
Cumulus Media Background Information
(This description is provided by the company.)
CUMULUS MEDIA is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month - wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 416 owned-and-operated stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across nearly 7,300 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
