Brokers Offer Predictions for Cumulus Media FY2024 Earnings

Cumulus Media Inc. (NASDAQ:CMLS) – Equities researchers at Noble Financial lowered their FY2024 earnings estimates for shares of Cumulus Media in a report issued on Monday, November 4th. Noble Financial analyst M. Kupinski now forecasts that the company will earn ($2.70) per share for the year, down from their prior forecast of ($2.29). The consensus estimate for Cumulus Media’s current full-year earnings is ($2.42) per share. Noble Financial also issued estimates for Cumulus Media’s Q4 2024 earnings at ($0.57) EPS and FY2025 earnings at ($3.85) EPS.

Cumulus Media (NASDAQ:CMLS) last released its earnings results on Friday, November 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.07). Cumulus Media had a negative net margin of 18.11% and a negative return on equity of 30.27%. The company had revenue of $203.60 million during the quarter, compared to analysts’ expectations of $204.05 million. During the same quarter last year, the business posted $0.16 earnings per share.

Separately, StockNews.com started coverage on shares of Cumulus Media in a research note on Tuesday. They issued a “hold” rating for the company.

Cumulus Media Stock Performance

Shares of Cumulus Media stock opened at $0.87 on Wednesday. The business has a 50-day simple moving average of $1.33 and a 200-day simple moving average of $1.87. The company has a debt-to-equity ratio of 3.68, a quick ratio of 1.88 and a current ratio of 1.89. Cumulus Media has a one year low of $0.86 and a one year high of $5.51. The company has a market cap of $14.75 million, a PE ratio of -0.10 and a beta of 1.45.

Institutional Investors Weigh In On Cumulus Media

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. purchased a new position in Cumulus Media in the first quarter valued at approximately $303,000. Acadian Asset Management LLC raised its stake in Cumulus Media by 9.6% during the 1st quarter. Acadian Asset Management LLC now owns 410,300 shares of the company’s stock worth $1,472,000 after acquiring an additional 36,024 shares in the last quarter. Balanced Rock Investment Advisors LLC lifted its position in Cumulus Media by 24.5% in the first quarter. Balanced Rock Investment Advisors LLC now owns 80,351 shares of the company’s stock valued at $288,000 after acquiring an additional 15,820 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in Cumulus Media in the first quarter valued at $54,000. Institutional investors and hedge funds own 48.68% of the company’s stock.

About Cumulus Media

Cumulus Media Inc, an audio-first media company, owns and operates radio stations in the United States. It owns and operates stations in various markets, as well as affiliated stations through Westwood One. The company's content portfolio includes sports, news, talk, and entertainment programming from various brands, including the NFL, the NCAA, the Masters, CNN, AP News, the Academy of Country Music Awards, and other partners.