Global Media & Entertainment Investments Ltd boosted its position in shares of iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) by 6.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,262,305 shares of the company's stock after acquiring an additional 630,976 shares during the period. iHeartMedia accounts for 100.0% of Global Media & Entertainment Investments Ltd's investment portfolio, making the stock its biggest holding. Global Media & Entertainment Investments Ltd owned approximately 7.21% of iHeartMedia worth $194,265,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. Teacher Retirement System of Texas raised its position in shares of iHeartMedia by 5.1% during the first quarter. Teacher Retirement System of Texas now owns 24,327 shares of the company's stock valued at $461,000 after buying an additional 1,187 shares during the last quarter. Great West Life Assurance Co. Can raised its position in iHeartMedia by 19.7% in the first quarter. Great West Life Assurance Co. Can now owns 10,175 shares of the company's stock worth $204,000 after purchasing an additional 1,676 shares in the last quarter. Point72 Hong Kong Ltd raised its position in iHeartMedia by 50.5% in the fourth quarter. Point72 Hong Kong Ltd now owns 5,753 shares of the company's stock worth $121,000 after purchasing an additional 1,930 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of iHeartMedia by 0.4% during the fourth quarter. Epoch Investment Partners Inc. now owns 664,728 shares of the company's stock valued at $13,986,000 after purchasing an additional 2,674 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC grew its stake in shares of iHeartMedia by 242.3% during the first quarter. Counterpoint Mutual Funds LLC now owns 4,590 shares of the company's stock valued at $87,000 after purchasing an additional 3,249 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.
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iHeartMedia Stock Down 0.5 %
NASDAQ:IHRT traded down $0.05 on Monday, hitting $10.49. 13,144 shares of the company's stock were exchanged, compared to its average volume of 813,161. The firm has a 50-day moving average price of $8.51 and a 200-day moving average price of $12.79. The company has a debt-to-equity ratio of 6.30, a current ratio of 1.81 and a quick ratio of 1.81. iHeartMedia, Inc. has a 52 week low of $6.43 and a 52 week high of $27.02. The company has a market cap of $1.49 billion, a P/E ratio of 19.16, a price-to-earnings-growth ratio of 2.14 and a beta of 1.63.
Analysts Set New Price Targets
Several analysts have recently commented on IHRT shares. Bank of America cut shares of iHeartMedia from a "buy" rating to a "neutral" rating and decreased their price target for the company from $30.00 to $10.00 in a research note on Friday, June 24th. The Goldman Sachs Group cut shares of iHeartMedia from a "buy" rating to a "neutral" rating and decreased their price target for the company from $15.00 to $9.00 in a research note on Wednesday, August 10th. TheStreet cut shares of iHeartMedia from a "c-" rating to a "d+" rating in a research note on Tuesday, July 26th. Wells Fargo & Company cut shares of iHeartMedia from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $23.00 to $9.00 in a research note on Friday, July 8th. Finally, Morgan Stanley reduced their price objective on shares of iHeartMedia from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $15.50.
Insiders Place Their Bets
In other news, CEO Robert W. Pittman acquired 54,112 shares of the stock in a transaction dated Wednesday, August 10th. The shares were bought at an average cost of $9.31 per share, for a total transaction of $503,782.72. Following the purchase, the chief executive officer now directly owns 1,774,633 shares of the company's stock, valued at $16,521,833.23. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.90% of the company's stock.
iHeartMedia Company Profile
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iHeartMedia, Inc operates as a media and entertainment company worldwide. It operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,400 radio station affiliates.
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