Douglas Lane & Associates LLC Decreases Holdings in iHeartMedia, Inc. $IHRT

Key Points

• Douglas Lane & Associates LLC reduced its stake in iHeartMedia by 5.5%, now holding 4,353,320 shares worth approximately $7.66 million after selling 250,988 shares in Q2.
• CEO Robert W. Pittman purchased 117,371 shares at $2.19 each, increasing his ownership to 4,558,760 shares, valued at nearly $9.98 million.
• iHeartMedia recently received upgrades from Zacks Research and Wall Street Zen, improving its consensus rating to "Hold" with an average price target of $2.92.

Douglas Lane & Associates LLC cut its stake in shares of iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,353,320 shares of the company's stock after selling 250,988 shares during the quarter. Douglas Lane & Associates LLC owned approximately 2.95% of iHeartMedia worth $7,662,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. US Bancorp DE boosted its stake in iHeartMedia by 224.0% during the first quarter. US Bancorp DE now owns 16,402 shares of the company's stock worth $27,000 after acquiring an additional 11,339 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in iHeartMedia during the first quarter worth $32,000. BNP Paribas Financial Markets acquired a new position in iHeartMedia during the fourth quarter worth $33,000. Wealth Enhancement Advisory Services LLC acquired a new position in iHeartMedia during the first quarter worth $46,000. Finally, State of Wyoming acquired a new position in iHeartMedia during the fourth quarter worth $49,000. 93.89% of the stock is owned by institutional investors.

Insider Transactions at iHeartMedia

In related news, CEO Robert W. Pittman acquired 117,371 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average price of $2.19 per share, for a total transaction of $257,042.49. Following the completion of the acquisition, the chief executive officer owned 4,558,760 shares of the company's stock, valued at approximately $9,983,684.40. This represents a 2.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 8.50% of the company's stock.

iHeartMedia Price Performance

Shares of IHRT stock traded down $0.04 on Friday, hitting $3.06. The stock had a trading volume of 323,205 shares, compared to its average volume of 786,856. iHeartMedia, Inc. has a 12-month low of $0.95 and a 12-month high of $3.33. The business has a 50 day moving average of $2.13 and a 200 day moving average of $1.69. The stock has a market cap of $458.68 million, a price-to-earnings ratio of -1.26 and a beta of 1.87.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on IHRT. Zacks Research upgraded shares of iHeartMedia from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Wall Street Zen upgraded shares of iHeartMedia from a "sell" rating to a "hold" rating in a report on Sunday, August 17th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $2.92.

iHeartMedia 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.