iHeartMedia, Inc. $IHRT Shares Bought by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. raised its stake in iHeartMedia by 22.8% in Q1, owning 2,872,316 shares valued at approximately $4.74 million.
• Several institutional investors also increased their positions, with Acadian Asset Management boosting its holdings by 64.3% and AQR Capital Management raising its stake by 99.8% during the same quarter.
• iHeartMedia's CEO, Robert W. Pittman, purchased 117,371 shares, increasing his ownership by 2.64%, following a quarterly earnings report that showed a loss of ($0.54) EPS against analysts’ expectations of ($0.28).

Goldman Sachs Group Inc. grew its holdings in shares of iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 22.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,872,316 shares of the company's stock after purchasing an additional 532,414 shares during the period. Goldman Sachs Group Inc. owned approximately 1.95% of iHeartMedia worth $4,739,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of iHeartMedia during the 1st quarter valued at $46,000. Millennium Management LLC raised its stake in iHeartMedia by 581.2% in the 4th quarter. Millennium Management LLC now owns 232,150 shares of the company's stock worth $460,000 after acquiring an additional 198,071 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in iHeartMedia by 22.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,258,206 shares of the company's stock worth $3,726,000 after acquiring an additional 412,769 shares during the last quarter. Nuveen LLC purchased a new position in iHeartMedia in the 1st quarter worth $310,000. Finally, Helix Partners Management LP raised its stake in iHeartMedia by 123.1% in the 1st quarter. Helix Partners Management LP now owns 1,026,163 shares of the company's stock worth $1,693,000 after acquiring an additional 566,163 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company's stock.

Wall Street Analyst Weigh In

IHRT has been the topic of several analyst reports. Wall Street Zen raised iHeartMedia from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Zacks Research raised shares of iHeartMedia from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $2.92.

iHeartMedia Trading Down 1.9%

iHeartMedia stock traded down $0.06 during trading on Friday, hitting $3.03. The company had a trading volume of 3,037,306 shares, compared to its average volume of 792,668. iHeartMedia, Inc. has a 1-year low of $0.95 and a 1-year high of $3.33. The company's 50 day simple moving average is $2.16 and its 200-day simple moving average is $1.70. The stock has a market cap of $454.92 million, a price-to-earnings ratio of -1.25 and a beta of 1.87.

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

Insider Activity at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman purchased 117,371 shares of the company's stock in a transaction 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 purchase, the chief executive officer directly owned 4,558,760 shares in the company, valued at approximately $9,983,684.40. The trade was a 2.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by company insiders.

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.