Emmis Communications: 5 Different Insiders Have Sold Shares This Month

Apr.20.14 | About: Emmis Communications (EMMS)


Five insiders sold Emmis Communications stock within one month.

The stock was not purchased by any insiders in the month of intensive selling.

Three of these five insiders decreased their holdings by more than 10%.

Emmis Communications Corporation (NASDAQ:EMMS) engages in radio broadcasting activities in the United States.
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Insider selling during the last 30 days

Here is a table of Emmis Communications' insider activity during the last 30 days.

Name Title Trade Date Shares Sold Rule 10b5-1 Current Ownership Decrease In Ownership
Gary Kaseff Director April 7-17 114,200 No 276,399 shares 29.2%
Richard Leventhal Director April 4 6,390 No 408,475 shares 1.5%
Patrick Walsh CFO April 4 59,215 No 514,006 shares 10.3%
Scott Enright EVP April 2-3 30,000 No 47,916 shares + 76,400 options 19.4%
Gregory Loewen President, Publishing April 2 9,300 No 193,241 shares + 30,000 options 4.0%
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There have been 219,105 shares sold by insiders during the last 30 days.

Insider selling by calendar month

Here is a table of Emmis Communications' insider activity by calendar month.

Month Insider selling / shares Insider buying / shares
April 2014 219,105 0
March 2014 64,300 0
February 2014 523,921 0
January 2014 0 0
December 2013 0 0
November 2013 0 0
October 2013 222,798 0
September 2013 25,000 0
August 2013 0 6,829
July 2013 231,573 9,875
June 2013 0 0
May 2013 22,131 12,897
April 2013 0 0
March 2013 0 0
February 2013 38,300 0
January 2013 211,273 0
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There have been 1,558,401 shares sold, and there have been 29,601 shares purchased by insiders since January 2013.


Emmis Communications reported the fiscal 2014 full-year, which ended February 28, financial results on April 3 with the following highlights:

Revenue $205.1 million
Net income $43.8 million
Cash $5.3 million
Debt $128.9 million
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Three of these five insiders sold their shares after these results.


Emmis Communications' fiscal 2015 first-quarter guidance is as follows:

Same station revenue growth Low to mid-single digits
Publishing revenue growth Mid-single digits
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Emmis Communications' competitors include Beasley Broadcast Group (NASDAQ:BBGI), and Entercom Communications Corp. (NYSE:ETM). Here is a table comparing these companies.

Market Cap: 138.81M 195.99M 398.37M
Employees: N/A 417 1,390
Qtrly Rev Growth (yoy): 0.35 -0.01 -0.03
Revenue: 205.15M 104.91M 377.62M
Gross Margin: 0.22 0.36 0.33
EBITDA: 29.06M 29.05M 99.86M
Operating Margin: 0.12 0.26 0.24
Net Income: 43.81M 11.55M 26.02M
EPS: 0.94 0.51 0.68
P/E: 3.53 16.75 15.60
PEG (5 yr expected): N/A N/A 6.39
P/S: 0.67 1.86 1.03
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Emmis Communications has the lowest gross margin among these three companies.

Here is a table of these competitors' insider activities this year.

Company Insider buying / shares Insider selling / shares
BBGI 0 10,000
ETM 0 0
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Only Emmis Communications has seen intensive insider selling during the last 30 days.


There have been five different insiders selling Emmis Communications, and there have not been any insiders buying Emmis Communications during the last 30 days. Three of these five insiders decreased their holdings by more than 10%. Emmis Communications has an insider ownership of 22.80%.

Before going short Emmis Communications, I would like to get a bearish confirmation from the Point & Figure chart. The main reason for the proposed short entry is the intensive insider-selling activity.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.