Douglas Lane & Associates LLC raised its holdings in iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) by 14.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,660,855 shares of the company's stock after purchasing an additional 338,726 shares during the period. Douglas Lane & Associates LLC owned about 1.87% of iHeartMedia worth $20,994,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the business. Allianz Asset Management GmbH raised its position in shares of iHeartMedia by 4.0% in the 4th quarter. Allianz Asset Management GmbH now owns 22,682,770 shares of the company's stock valued at $477,245,000 after purchasing an additional 878,492 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of iHeartMedia by 10.1% in the 1st quarter. Vanguard Group Inc. now owns 10,432,614 shares of the company's stock valued at $197,489,000 after acquiring an additional 956,001 shares during the last quarter. Global Media & Entertainment Investments Ltd increased its holdings in shares of iHeartMedia by 6.6% in the 1st quarter. Global Media & Entertainment Investments Ltd now owns 10,262,305 shares of the company's stock valued at $194,265,000 after acquiring an additional 630,976 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of iHeartMedia by 3.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,906,295 shares of the company's stock valued at $73,946,000 after acquiring an additional 118,163 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of iHeartMedia by 7.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,433,137 shares of the company's stock valued at $51,193,000 after acquiring an additional 167,264 shares during the last quarter. 73.33% of the stock is owned by institutional investors and hedge funds.
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In other news, CEO Robert W. Pittman acquired 54,112 shares of the business's stock in a transaction dated Wednesday, August 10th. The stock was acquired at an average price of $9.31 per share, for a total transaction of $503,782.72. Following the completion of the acquisition, the chief executive officer now directly owns 1,774,633 shares in the company, valued at approximately $16,521,833.23. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.90% of the company's stock.
Analyst Upgrades and Downgrades
IHRT has been the subject of a number of research analyst reports. Morgan Stanley lowered their price target on iHeartMedia from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Monday, August 8th. Wells Fargo & Company downgraded iHeartMedia from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $23.00 to $9.00 in a research note on Friday, July 8th. TheStreet downgraded iHeartMedia from a "c-" rating to a "d+" rating in a research note on Tuesday, July 26th. The Goldman Sachs Group downgraded iHeartMedia from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $15.00 to $9.00 in a research note on Wednesday, August 10th. Finally, Bank of America downgraded iHeartMedia from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $30.00 to $10.00 in a research note on Friday, June 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $15.50.iHeartMedia Trading Down 8.8 %
Shares of IHRT stock opened at $7.99 on Monday. The company has a debt-to-equity ratio of 6.30, a quick ratio of 1.81 and a current ratio of 1.81. iHeartMedia, Inc. has a 1 year low of $6.43 and a 1 year high of $27.02. The stock has a fifty day moving average of $9.05 and a two-hundred day moving average of $12.08. The firm has a market capitalization of $1.14 billion, a PE ratio of 14.53, a price-to-earnings-growth ratio of 1.63 and a beta of 1.63.
iHeartMedia (NASDAQ:IHRT – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.02. The company had revenue of $954.01 million during the quarter, compared to analyst estimates of $952.24 million. iHeartMedia had a return on equity of 10.61% and a net margin of 2.13%. As a group, research analysts expect that iHeartMedia, Inc. will post 0.7 EPS for the current year.
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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