Who Bought A Big Stake In Entercom?
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 arather 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 FINANCEreports.
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,OCTAnotes.
SEC Form 13G is used when afiler possessesbetween 5% and 20% of the company and plans to hold it only as a passive investor.
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|Publication:||Radio and Television Business Report (RBR+TVBR)|
|Date:||Jan 17, 2017|
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