iHeartMedia, Inc. $IHRT Shares Purchased by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in iHeartMedia by 139% during the 1st quarter, owning over 1 million shares valued at approximately $1.73 million.
• Insider trading activity revealed that CEO Robert W. Pittman purchased 117,371 shares of iHeartMedia for $257,042, raising his total ownership to about 4.56 million shares.
• iHeartMedia reported a significant loss of ($0.54) EPS in its latest quarterly earnings, missing estimates while its revenue was slightly above expectations at $933.65 million.

Jacobs Levy Equity Management Inc. boosted its holdings in shares of iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 139.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,049,664 shares of the company's stock after purchasing an additional 610,449 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.71% of iHeartMedia worth $1,732,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new position in iHeartMedia during the 1st quarter worth $46,000. Millennium Management LLC grew its position in iHeartMedia by 581.2% during the 4th quarter. Millennium Management LLC now owns 232,150 shares of the company's stock worth $460,000 after purchasing an additional 198,071 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in iHeartMedia by 22.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,258,206 shares of the company's stock worth $3,726,000 after purchasing an additional 412,769 shares during the last quarter. Helix Partners Management LP grew its position in iHeartMedia by 123.1% during the 1st quarter. Helix Partners Management LP now owns 1,026,163 shares of the company's stock worth $1,693,000 after purchasing an additional 566,163 shares during the last quarter. Finally, Two Sigma Advisers LP grew its position in iHeartMedia by 43.1% during the 4th quarter. Two Sigma Advisers LP now owns 274,600 shares of the company's stock worth $544,000 after purchasing an additional 82,700 shares during the last quarter. 93.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on IHRT shares. Wall Street Zen raised shares of iHeartMedia from a "sell" rating to a "hold" rating in a report on Sunday, August 17th. The Goldman Sachs Group lifted their target price on shares of iHeartMedia from $1.00 to $1.25 and gave the company a "neutral" rating in a report on Wednesday, May 14th. Finally, Zacks Research raised shares of iHeartMedia from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, iHeartMedia currently has an average rating of "Hold" and an average target price of $2.92.

Insider Buying and Selling

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 shares were purchased at an average price of $2.19 per share, with a total value of $257,042.49. Following the completion of the acquisition, the chief executive officer owned 4,558,760 shares in the company, valued at approximately $9,983,684.40. This represents a 2.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 8.50% of the company's stock.

iHeartMedia Trading Down 4.9%

IHRT stock opened at $2.15 on Thursday. The company has a market cap of $322.80 million, a P/E ratio of -0.88 and a beta of 1.87. iHeartMedia, Inc. has a 52 week low of $0.95 and a 52 week high of $2.84. The company's 50-day moving average price is $2.04 and its 200 day moving average price is $1.66.

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

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