Deutsche Bank AG Cuts Stake in iHeartMedia, Inc. $IHRT

Key Points

• Deutsche Bank AG reduced its stake in iHeartMedia by 4.8%, selling 185,098 shares, which leaves them with about 3.6 million shares worth $6 million.
• Several other institutional investors, including Charles Schwab and US Bancorp, increased their positions in iHeartMedia significantly, showcasing strong institutional interest in the company.
• iHeartMedia reported a loss of ($0.54) earnings per share in its latest quarterly earnings, missing analyst expectations, despite revenue exceeding predictions with $933.65 million.

Deutsche Bank AG reduced its holdings in shares of iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 4.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,645,647 shares of the company's stock after selling 185,098 shares during the quarter. Deutsche Bank AG owned 2.48% of iHeartMedia worth $6,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE lifted its holdings in shares of iHeartMedia by 224.0% during the first 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 in the last quarter. BNP Paribas Financial Markets bought a new position in shares of iHeartMedia during the fourth quarter valued at $33,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of iHeartMedia during the first quarter valued at $46,000. State of Wyoming bought a new position in iHeartMedia in the fourth quarter valued at about $49,000. Finally, Algert Global LLC bought a new position in iHeartMedia in the fourth quarter valued at about $50,000. 93.89% of the stock is owned by institutional investors.

iHeartMedia Stock Down 0.4%

IHRT traded down $0.01 during midday trading on Thursday, reaching $2.23. The company had a trading volume of 504,551 shares, compared to its average volume of 1,014,935. The business has a 50-day moving average of $1.91 and a two-hundred day moving average of $1.66. The company has a market cap of $329.19 million, a P/E ratio of -0.92 and a beta of 1.86. iHeartMedia, Inc. has a 1 year low of $0.95 and a 1 year high of $2.84.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last issued its quarterly 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). The company had revenue of $933.65 million during 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 predict that iHeartMedia, Inc. will post -0.13 EPS for the current year.

Insider Buying and Selling

In related news, CEO Robert W. Pittman purchased 117,371 shares of iHeartMedia 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 transaction, the chief executive officer directly owned 4,558,760 shares in the company, valued at $9,983,684.40. This represents a 2.64% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 8.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wall Street Zen raised iHeartMedia from a "sell" rating to a "hold" rating in a report on Sunday. The Goldman Sachs Group increased their target price on 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 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 assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $2.92.

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.