Bank of New York Mellon Corp Acquires New Shares in iHeartMedia, Inc. $IHRT

Key Points

• Bank of New York Mellon acquired 379,515 iHeartMedia shares worth approximately $1.63 million, representing about 0.25% of the company. Institutional investors collectively own 93.89% of IHRT.
• Analyst sentiment remains negative: iHeartMedia has a consensus rating of “Sell”, with one Hold and two Sell ratings and an average price target of $4.25. Bank of America recently lowered its target from $6 to $5.
• IHRT opened at $2.66, near its 52-week low of $2.08 and well below its 52-week high of $6.56; the company has a market capitalization of approximately $411.7 million.

Bank of New York Mellon Corp bought a new stake in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 379,515 shares of the company's stock, valued at approximately $1,628,000. Bank of New York Mellon Corp owned about 0.25% of iHeartMedia as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in IHRT. Vanguard Group Inc. increased its position in iHeartMedia by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 7,022,354 shares of the company's stock worth $20,154,000 after purchasing an additional 93,757 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in iHeartMedia by 12.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,713,611 shares of the company's stock valued at $27,929,000 after buying an additional 741,736 shares in the last quarter. Deutsche Bank AG boosted its position in iHeartMedia by 11.2% in the fourth quarter. Deutsche Bank AG now owns 3,774,355 shares of the company's stock valued at $15,701,000 after buying an additional 380,557 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of iHeartMedia by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 2,989,979 shares of the company's stock worth $12,441,000 after buying an additional 111,754 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of iHeartMedia by 22.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company's stock worth $4,739,000 after buying an additional 532,414 shares during the last quarter. Institutional investors own 93.89% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on IHRT shares. Bank of America dropped their price target on iHeartMedia from $6.00 to $5.00 and set a "neutral" rating for the company in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of iHeartMedia in a report on Friday, July 17th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Sell" and an average target price of $4.25.

iHeartMedia Stock Performance

Shares of NASDAQ IHRT opened at $2.66 on Wednesday. The firm has a 50 day moving average price of $3.44 and a two-hundred day moving average price of $3.75. The stock has a market cap of $411.74 million, a P/E ratio of -1.46 and a beta of 2.19. iHeartMedia, Inc. has a 52-week low of $2.08 and a 52-week high of $6.56.

iHeartMedia Profile

iHeartMedia, Inc NASDAQ: IHRT is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.

Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.

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