iHeartMedia, Inc. $IHRT Shares Bought by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC increased its stake in iHeartMedia, Inc. by 64.3% during the first quarter, now holding over 3.2 million shares valued at about $5.3 million.
• Institutional investors own around 93.89% of iHeartMedia’s stock, with several firms significantly growing their holdings in the recent quarter.
• CEO Robert W. Pittman purchased 117,371 shares of iHeartMedia stock, increasing his ownership in the company to nearly 4.6 million shares, valued at approximately $9.98 million.

Acadian Asset Management LLC raised its position in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 64.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,221,043 shares of the company's stock after acquiring an additional 1,260,142 shares during the quarter. Acadian Asset Management LLC owned approximately 2.19% of iHeartMedia worth $5,309,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of IHRT. US Bancorp DE lifted its stake in shares of iHeartMedia by 224.0% in the 1st quarter. US Bancorp DE now owns 16,402 shares of the company's stock valued at $27,000 after purchasing an additional 11,339 shares during the period. BNP Paribas Financial Markets purchased a new stake in iHeartMedia during the 4th quarter valued at $33,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in iHeartMedia in the 1st quarter worth about $32,000. State of Wyoming bought a new position in iHeartMedia during the fourth quarter valued at approximately $49,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of iHeartMedia in the 1st quarter worth $46,000. 93.89% of the stock is owned by institutional investors.

Insider Buying and Selling at iHeartMedia

In related news, CEO Robert W. Pittman bought 117,371 shares of the stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $2.19 per share, for a total transaction of $257,042.49. Following 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on IHRT shares. Zacks Research raised iHeartMedia from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Wall Street Zen upgraded iHeartMedia from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.92.

iHeartMedia Price Performance

iHeartMedia stock traded up $0.27 during midday trading on Monday, reaching $2.86. The company's stock had a trading volume of 1,628,163 shares, compared to its average volume of 713,720. The stock has a market capitalization of $429.40 million, a P/E ratio of -1.18 and a beta of 1.87. iHeartMedia, Inc. has a 52-week low of $0.95 and a 52-week high of $3.00. The stock's 50-day simple moving average is $2.08 and its 200-day simple moving average is $1.66.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last released its earnings results 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 return on equity of 2.84% and a negative net margin of 9.68%.The firm had revenue of $933.65 million for the quarter, compared to analyst estimates of $912.35 million. As a group, equities research analysts expect that iHeartMedia, Inc. will post -0.13 earnings per share for the current fiscal year.

About iHeartMedia

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.