Acadian Asset Management LLC Purchases 1,260,142 Shares of iHeartMedia, Inc. $IHRT

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 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 3,221,043 shares of the company's stock after acquiring an additional 1,260,142 shares during the period. Acadian Asset Management LLC owned about 2.19% of iHeartMedia worth $5,309,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new stake in iHeartMedia in the 1st quarter valued at approximately $46,000. Millennium Management LLC lifted its stake in iHeartMedia by 581.2% in the 4th quarter. Millennium Management LLC now owns 232,150 shares of the company's stock valued at $460,000 after acquiring an additional 198,071 shares in the last quarter. Helix Partners Management LP lifted 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 valued at $1,693,000 after acquiring an additional 566,163 shares in the last quarter. Charles Schwab Investment Management Inc. lifted 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 valued at $3,726,000 after acquiring an additional 412,769 shares in the last quarter. Finally, Nuveen LLC bought a new stake in iHeartMedia in the 1st quarter valued at approximately $310,000. Institutional investors own 93.89% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on IHRT shares. Wall Street Zen upgraded iHeartMedia from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. Zacks Research upgraded iHeartMedia from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $2.92.

Insider Transactions at iHeartMedia

In other news, CEO Robert W. Pittman purchased 117,371 shares of iHeartMedia stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average cost of $2.19 per share, for a total transaction of $257,042.49. Following the purchase, the chief executive officer directly owned 4,558,760 shares of the company's stock, valued at $9,983,684.40. This trade represents a 2.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 8.50% of the stock is owned by company insiders.

iHeartMedia Stock Up 7.7%

Shares of IHRT stock traded up $0.22 during trading on Thursday, reaching $3.09. 878,579 shares of the company's stock were exchanged, compared to its average volume of 773,787. The stock has a market capitalization of $463.93 million, a PE ratio of -1.27 and a beta of 1.87. iHeartMedia, Inc. has a twelve month low of $0.95 and a twelve month high of $3.33. The firm's fifty day moving average price is $2.13 and its 200-day moving average price is $1.69.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.54) earnings per share for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.26). The business had revenue of $933.65 million for 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 anticipate that iHeartMedia, Inc. will post -0.13 EPS for the current fiscal year.

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.