Charles Schwab Investment Management Inc. Acquires 412,769 Shares of iHeartMedia, Inc. $IHRT

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in iHeartMedia by 22.4%, resulting in ownership of approximately 1.53% of the company, equivalent to $3.73 million at the end of the last reporting period.
• CEO Robert W. Pittman purchased 117,371 shares of iHeartMedia, increasing his ownership by 2.64%, and now holds shares valued at approximately $9.98 million.
• iHeartMedia's latest quarterly earnings report showed a loss of $0.54 per share, missing estimates, but the company achieved revenues of $933.65 million, outperforming expectations.

Charles Schwab Investment Management Inc. raised its holdings in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 22.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,258,206 shares of the company's stock after buying an additional 412,769 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.53% of iHeartMedia worth $3,726,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. US Bancorp DE increased its stake in iHeartMedia by 224.0% in the first quarter. US Bancorp DE now owns 16,402 shares of the company's stock valued at $27,000 after acquiring an additional 11,339 shares during the period. Mackenzie Financial Corp boosted its holdings in iHeartMedia by 32.4% during the first quarter. Mackenzie Financial Corp now owns 196,858 shares of the company's stock valued at $325,000 after purchasing an additional 48,221 shares in the last quarter. CWM LLC grew its stake in shares of iHeartMedia by 293.0% in the 1st quarter. CWM LLC now owns 47,378 shares of the company's stock valued at $78,000 after purchasing an additional 35,323 shares during the period. Cerity Partners LLC acquired a new position in shares of iHeartMedia in the 1st quarter worth approximately $55,000. Finally, Bank of New York Mellon Corp lifted its position in shares of iHeartMedia by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 305,760 shares of the company's stock worth $505,000 after buying an additional 13,414 shares during the period. 93.89% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on IHRT. Wall Street Zen upgraded iHeartMedia from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. The Goldman Sachs Group upped their target price on shares of iHeartMedia from $1.00 to $1.25 and gave the stock a "neutral" rating in a report on Wednesday, May 14th. Finally, Zacks Research raised shares of iHeartMedia from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $2.92.

iHeartMedia Stock Performance

IHRT traded down $0.03 during mid-day trading on Thursday, reaching $2.28. The stock had a trading volume of 473,449 shares, compared to its average volume of 1,067,434. The stock has a market capitalization of $342.32 million, a P/E ratio of -0.94 and a beta of 1.87. The firm's fifty day simple moving average is $2.01 and its two-hundred day simple moving average is $1.66. iHeartMedia, Inc. has a 52 week low of $0.95 and a 52 week high of $2.84.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.54) EPS for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.26). iHeartMedia had a negative net margin of 9.68% and a negative return on equity of 2.84%. The firm had revenue of $933.65 million during the quarter, compared to the consensus estimate of $912.35 million. As a group, analysts expect that iHeartMedia, Inc. will post -0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert W. Pittman purchased 117,371 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $2.19 per share, for a total transaction of $257,042.49. Following the completion of the acquisition, the chief executive officer directly owned 4,558,760 shares in the company, valued at approximately $9,983,684.40. This trade represents a 2.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.50% of the company's stock.

iHeartMedia Company Profile

iHeartMedia, Inc operates as an audio media company in the United States and internationally. 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 events, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents syndicated radio programs and services to radio station affiliates.