Zacks Investment Research Upgrades Townsquare Media Inc. (TSQ) to “Hold”
Townsquare Media Inc. (NYSE:TSQ) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Townsquare Media, Inc. is a local media and entertainment company. It owns and operates radio, digital and live event properties in small to mid-sized markets across the country. Townsquare Media specializes in creating and distributing original entertainment, music and lifestyle content. Its assets include radio stations, local companion websites, and a streaming radio App called radioPup for iOS and Android, and live events. The Company owns FM and AM radio stations in markets in Colorado, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, New York, and Texas. Townsquare Media, Inc. is based in United States. “
Separately, Jefferies Group lowered their price target on Townsquare Media from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, August 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $12.00.
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Shares of Townsquare Media (NYSE:TSQ) opened at 9.39 on Wednesday. The stock’s 50 day moving average price is $9.41 and its 200 day moving average price is $9.26. The stock has a market capitalization of $172.72 million, a PE ratio of 13.36 and a beta of 1.70. Townsquare Media has a one year low of $7.30 and a one year high of $12.05.
Townsquare Media (NYSE:TSQ) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by $0.03. The firm earned $137.20 million during the quarter, compared to analyst estimates of $140.08 million. Townsquare Media had a return on equity of 4.26% and a net margin of 4.84%. Equities research analysts predict that Townsquare Media will post $1.11 EPS for the current fiscal year.
In related news, Chairman Steven Price acquired 50,000 shares of Townsquare Media stock in a transaction that occurred on Tuesday, August 16th. The shares were purchased at an average price of $7.20 per share, for a total transaction of $360,000.00. Following the completion of the transaction, the chairman now owns 60,737 shares in the company, valued at approximately $437,306.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 26.20% of the company’s stock.
A number of institutional investors have recently made changes to their positions in TSQ. Teachers Advisors Inc. increased its stake in Townsquare Media by 12.5% in the second quarter. Teachers Advisors Inc. now owns 14,404 shares of the company’s stock worth $114,000 after buying an additional 1,597 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Townsquare Media during the first quarter worth approximately $126,000. Nationwide Fund Advisors increased its stake in Townsquare Media by 149.9% in the second quarter. Nationwide Fund Advisors now owns 16,436 shares of the company’s stock worth $130,000 after buying an additional 9,859 shares in the last quarter. California State Teachers Retirement System increased its stake in Townsquare Media by 25.1% in the second quarter. California State Teachers Retirement System now owns 18,109 shares of the company’s stock worth $143,000 after buying an additional 3,638 shares in the last quarter. Finally, Spark Investment Management LLC acquired a new stake in Townsquare Media during the first quarter worth approximately $152,000. Hedge funds and other institutional investors own 68.71% of the company’s stock.
About Townsquare Media
Townsquare Media, Inc is a media, entertainment and digital marketing solutions company principally focused on small and mid-sized markets across the United States. The Company operates through two segments: Local Advertising and Live Events. The Company’s Local Advertising segment offers broadcast, digital and mobile advertising within its local markets.
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