iHeartMedia, Inc. $IHRT Shares Bought 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. increased its position in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 139.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,049,664 shares of the company's stock after purchasing an additional 610,449 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.71% of iHeartMedia worth $1,732,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Deutsche Bank AG lifted its holdings in iHeartMedia by 25.9% during the fourth quarter. Deutsche Bank AG now owns 3,830,745 shares of the company's stock worth $7,585,000 after buying an additional 789,170 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in iHeartMedia by 22.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,258,206 shares of the company's stock worth $3,726,000 after buying an additional 412,769 shares during the period. AQR Capital Management LLC lifted its holdings in iHeartMedia by 99.8% during the first quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company's stock worth $3,654,000 after buying an additional 1,105,976 shares during the period. Helix Partners Management LP lifted its holdings in iHeartMedia by 123.1% during the first quarter. Helix Partners Management LP now owns 1,026,163 shares of the company's stock worth $1,693,000 after buying an additional 566,163 shares during the period. Finally, Northern Trust Corp lifted its holdings in iHeartMedia by 8.2% during the fourth quarter. Northern Trust Corp now owns 991,602 shares of the company's stock worth $1,963,000 after buying an additional 75,171 shares during the period. Hedge funds and other institutional investors own 93.89% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IHRT. Zacks Research upgraded iHeartMedia from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Wall Street Zen upgraded iHeartMedia from a "sell" rating to a "hold" rating in a 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 company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $2.92.

iHeartMedia Stock Performance

Shares of NASDAQ IHRT traded up $0.11 during mid-day trading on Tuesday, hitting $2.97. The stock had a trading volume of 1,842,310 shares, compared to its average volume of 711,411. The company has a 50 day moving average of $2.10 and a two-hundred day moving average of $1.67. iHeartMedia, Inc. has a twelve month low of $0.95 and a twelve month high of $3.33. The firm has a market cap of $445.92 million, a PE ratio of -1.22 and a beta of 1.87.

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

Insider Activity

In other news, CEO Robert W. Pittman bought 117,371 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $2.19 per share, with a total value of $257,042.49. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.30% of the stock is currently owned by 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.