Arizona State Retirement System boosted its stake in shares of iHeartMedia, Inc. (NASDAQ:IHRT) by 63.0% in the second quarter, Holdings Channel reports. The fund owned 30,152 shares of the company’s stock after purchasing an additional 11,659 shares during the period. Arizona State Retirement System’s holdings in iHeartMedia were worth $812,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the business. BlackRock Inc. lifted its position in iHeartMedia by 26.7% during the 1st quarter. BlackRock Inc. now owns 7,757,099 shares of the company’s stock worth $140,791,000 after acquiring an additional 1,635,582 shares during the period. Senator Investment Group LP raised its stake in shares of iHeartMedia by 17.0% during the 1st quarter. Senator Investment Group LP now owns 3,581,000 shares of the company’s stock worth $64,995,000 after buying an additional 520,000 shares in the last quarter. Sculptor Capital LP raised its stake in shares of iHeartMedia by 75.5% during the 1st quarter. Sculptor Capital LP now owns 3,216,424 shares of the company’s stock worth $58,379,000 after buying an additional 1,383,291 shares in the last quarter. Silver Point Capital L.P. raised its stake in shares of iHeartMedia by 68.4% during the 1st quarter. Silver Point Capital L.P. now owns 3,060,000 shares of the company’s stock worth $55,539,000 after buying an additional 1,243,000 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of iHeartMedia by 368.4% during the 1st quarter. JPMorgan Chase & Co. now owns 2,735,865 shares of the company’s stock worth $49,655,000 after buying an additional 2,151,813 shares in the last quarter. 71.19% of the stock is owned by institutional investors.
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In related news, CEO Robert W. Pittman acquired 47,984 shares of the business’s stock in a transaction on Tuesday, August 10th. The shares were bought at an average cost of $21.33 per share, with a total value of $1,023,498.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.80% of the company’s stock.
A number of brokerages have recently issued reports on IHRT. JPMorgan Chase & Co. raised iHeartMedia from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $17.00 to $29.00 in a research note on Monday, May 10th. Barrington Research raised their price objective on iHeartMedia from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Wednesday, June 30th. Zacks Investment Research raised iHeartMedia from a “sell” rating to a “hold” rating in a research note on Tuesday, August 10th. B. Riley reissued a “buy” rating and set a $35.00 price target (up previously from $30.00) on shares of iHeartMedia in a research report on Tuesday, June 29th. Finally, The Goldman Sachs Group started coverage on iHeartMedia in a research report on Thursday, July 15th. They set a “buy” rating and a $32.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, iHeartMedia has a consensus rating of “Buy” and a consensus target price of $26.67.
Shares of iHeartMedia stock opened at $25.10 on Monday. iHeartMedia, Inc. has a twelve month low of $7.41 and a twelve month high of $28.24. The stock has a market capitalization of $3.55 billion, a P/E ratio of -12.13 and a beta of 2.28. The business’s fifty day moving average price is $24.85 and its 200 day moving average price is $21.72.
iHeartMedia (NASDAQ:IHRT) last issued its earnings results on Thursday, August 5th. The company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.10). The company had revenue of $861.61 million during the quarter, compared to analysts’ expectations of $800.52 million. As a group, analysts predict that iHeartMedia, Inc. will post -1.05 EPS for the current fiscal year.
iHeartMedia Profile
iHeartMedia, Inc operates as a media and entertainment company worldwide. It operates through two segments, Audio, and Audio & Media Services. The Audio segment offers broadcast radio, digital, mobile, podcasts, social, program syndication, traffic, weather, news and sports data distribution, and on-demand entertainment, as well as live events, including mobile platforms and products; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,500 radio station affiliates.
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