Brokerages Set iHeartMedia, Inc. (NASDAQ:IHRT) Target Price at $2.92

Key Points

• iHeartMedia has received an average recommendation of "Hold" from five brokerage firms, with four recommending a hold and one a buy.
• CEO Robert W. Pittman recently purchased 117,371 shares of the company stock, indicating a 2.64% increase in his ownership.
• Despite a revenue of $933.65 million in the latest quarter, iHeartMedia reported an earnings per share of ($0.54), missing analyst estimates.

iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report) has earned an average recommendation of "Hold" from the five research firms that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $2.9167.

Several research firms have weighed in 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 raised iHeartMedia from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th.

iHeartMedia Price Performance

iHeartMedia stock traded up $0.19 during mid-day trading on Friday, hitting $3.06. The company's stock had a trading volume of 281,986 shares, compared to its average volume of 785,971. The company has a market cap of $458.68 million, a PE ratio of -1.25 and a beta of 1.87. The firm's 50 day moving average is $2.11 and its 200 day moving average is $1.68. iHeartMedia has a 52-week low of $0.95 and a 52-week high of $3.33.

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 business had revenue of $933.65 million during the quarter, compared to the consensus estimate 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 forecast that iHeartMedia will post -0.13 EPS for the current year.

Insider Transactions at iHeartMedia

In other news, CEO Robert W. Pittman bought 117,371 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were 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 owned 4,558,760 shares of the company's stock, valued at $9,983,684.40. This represents a 2.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On iHeartMedia

A number of institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its stake in shares of iHeartMedia by 42.8% in the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company's stock worth $33,000 after acquiring an additional 5,591 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in iHeartMedia by 15.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company's stock valued at $77,000 after purchasing an additional 5,684 shares during the last quarter. Intech Investment Management LLC raised its stake in iHeartMedia by 11.4% during the 2nd quarter. Intech Investment Management LLC now owns 76,686 shares of the company's stock valued at $135,000 after purchasing an additional 7,857 shares during the last quarter. ProShare Advisors LLC raised its position in shares of iHeartMedia by 51.5% during the fourth quarter. ProShare Advisors LLC now owns 29,588 shares of the company's stock valued at $59,000 after buying an additional 10,061 shares during the last quarter. Finally, AEGON USA Investment Management LLC lifted its position in iHeartMedia by 9.9% in the second quarter. AEGON USA Investment Management LLC now owns 117,010 shares of the company's stock worth $206,000 after purchasing an additional 10,563 shares during the period. 93.89% of the stock is currently owned by institutional investors.

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.