Douglas Lane & Associates LLC Has $16 Million Position in iHeartMedia, Inc. $IHRT

Key Points

• Douglas Lane & Associates LLC reduced its Q4 holding in iHeartMedia by 7.7% and now owns 3,846,114 shares — roughly $16 million, or about 2.56% of the company.
• CEO Robert W. Pittman bought 16,349 shares at $2.97 on March 9, increasing his stake to 6,231,286 shares, and insiders collectively own about 8.50% of iHeartMedia.
• iHeartMedia posted Q4 EPS of $0.04 (missing estimates) and $1.12B in revenue, has negative margins and a market cap near $528.8M, and faces weak analyst sentiment with a consensus "Reduce" rating and recent downgrades to Sell.

Douglas Lane & Associates LLC reduced its holdings in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 7.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,846,114 shares of the company's stock after selling 320,536 shares during the quarter. Douglas Lane & Associates LLC owned about 2.56% of iHeartMedia worth $16,000,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC grew its position in shares of iHeartMedia by 20.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company's stock valued at $102,000 after purchasing an additional 4,118 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in iHeartMedia during the third quarter worth about $36,000. Sona Asset Management US LLC acquired a new stake in iHeartMedia during the third quarter worth about $167,000. Quarry LP acquired a new stake in iHeartMedia during the third quarter worth about $221,000. Finally, Nomura Holdings Inc. grew its position in iHeartMedia by 54.2% during the third quarter. Nomura Holdings Inc. now owns 39,666 shares of the company's stock worth $114,000 after buying an additional 13,937 shares in the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Robert W. Pittman acquired 16,349 shares of the firm's stock in a transaction on Monday, March 9th. The shares were bought at an average cost of $2.97 per share, with a total value of $48,556.53. Following the completion of the acquisition, the chief executive officer owned 6,231,286 shares of the company's stock, valued at $18,506,919.42. This trade represents a 0.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 8.50% of the company's stock.

iHeartMedia Trading Up 0.3%

NASDAQ IHRT opened at $3.51 on Friday. The stock's 50 day moving average is $3.13 and its two-hundred day moving average is $3.50. The company has a market capitalization of $528.75 million, a price-to-earnings ratio of -1.14, a PEG ratio of 33.56 and a beta of 1.64. iHeartMedia, Inc. has a 1-year low of $0.95 and a 1-year high of $5.44.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.10 billion. iHeartMedia had a negative net margin of 12.24% and a negative return on equity of 1.63%. On average, analysts predict that iHeartMedia, Inc. will post -0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group downgraded iHeartMedia from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $4.00 to $3.50 in a research report on Friday, January 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of iHeartMedia in a research report on Thursday, January 22nd. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, iHeartMedia currently has a consensus rating of "Reduce" and a consensus price target of $4.25.

iHeartMedia Company 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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