iHeartMedia, Inc. $IHRT Position Cut by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in iHeartMedia, Inc. by 16.4% during the first quarter, now holding 572,595 shares valued at approximately $945,000.
• Recent reports from analysts show an upgrade from "sell" to "hold" ratings for iHeartMedia, with a new consensus price target set at $2.92.
• iHeartMedia's CEO, Robert W. Pittman, purchased 117,371 shares at an average price of $2.19, increasing his ownership stake by 2.64%.

Invesco Ltd. lessened its stake in shares of iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 16.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 572,595 shares of the company's stock after selling 112,474 shares during the quarter. Invesco Ltd. owned 0.39% of iHeartMedia worth $945,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. US Bancorp DE lifted its stake in shares of iHeartMedia by 224.0% in the first quarter. US Bancorp DE now owns 16,402 shares of the company's stock worth $27,000 after acquiring an additional 11,339 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of iHeartMedia in the first quarter worth about $32,000. BNP Paribas Financial Markets acquired a new position in shares of iHeartMedia in the fourth quarter worth about $33,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of iHeartMedia in the first quarter worth about $46,000. Finally, State of Wyoming acquired a new position in shares of iHeartMedia in the fourth quarter worth about $49,000. Institutional investors and hedge funds own 93.89% of the company's stock.

Insider Activity at iHeartMedia

In related news, CEO Robert W. Pittman bought 117,371 shares of the stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost 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 of the company's stock, valued at $9,983,684.40. This trade represents a 2.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.50% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on IHRT. Zacks Research upgraded iHeartMedia from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Wall Street Zen upgraded iHeartMedia from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. Finally, The Goldman Sachs Group boosted their price objective on iHeartMedia from $1.00 to $1.25 and gave the company a "neutral" rating in a report on Wednesday, May 14th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, iHeartMedia currently has an average rating of "Hold" and a consensus price target of $2.92.

iHeartMedia Trading Down 7.9%

iHeartMedia stock traded down $0.18 during midday trading on Friday, hitting $2.10. The stock had a trading volume of 701,670 shares, compared to its average volume of 1,050,071. The stock has a market cap of $315.29 million, a P/E ratio of -0.86 and a beta of 1.87. The business has a fifty day moving average price of $2.02 and a 200 day moving average price of $1.66. iHeartMedia, Inc. has a 12 month low of $0.95 and a 12 month high of $2.84.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.26). The company had revenue of $933.65 million for the quarter, compared to the consensus estimate of $912.35 million. iHeartMedia had a negative net margin of 9.68% and a negative return on equity of 2.84%. On average, equities 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.