$839.26 Million in Sales Expected for iHeartMedia, Inc. (NASDAQ:IHRT) This Quarter

Brokerages expect iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) to post sales of $839.26 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for iHeartMedia’s earnings. The highest sales estimate is $846.25 million and the lowest is $834.90 million. iHeartMedia posted sales of $706.67 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 18.8%. The business is scheduled to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that iHeartMedia will report full-year sales of $4.10 billion for the current financial year, with estimates ranging from $4.02 billion to $4.18 billion. For the next financial year, analysts expect that the company will report sales of $4.21 billion, with estimates ranging from $4.07 billion to $4.39 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for iHeartMedia.

iHeartMedia (NASDAQ:IHRT – Get Rating) last announced its quarterly earnings results on Wednesday, February 23rd. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.22. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion.

Separately, Zacks Investment Research cut shares of iHeartMedia from a “buy” rating to a “hold” rating in a research report on Friday, January 14th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, iHeartMedia currently has a consensus rating of “Buy” and a consensus target price of $29.71.

iHeartMedia stock traded up $0.24 during mid-day trading on Friday, reaching $18.97. 12,647 shares of the company traded hands, compared to its average volume of 623,444. iHeartMedia has a fifty-two week low of $17.45 and a fifty-two week high of $28.24. The firm has a market capitalization of $2.69 billion, a P/E ratio of -17.40, a price-to-earnings-growth ratio of 1.66 and a beta of 1.73. The company has a fifty day moving average price of $19.71.

Several large investors have recently made changes to their positions in IHRT. Counterpoint Mutual Funds LLC raised its position in iHeartMedia by 63.7% in the 4th quarter. Counterpoint Mutual Funds LLC now owns 1,341 shares of the company’s stock worth $28,000 after buying an additional 522 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in iHeartMedia during the fourth quarter worth about $50,000. Pinebridge Investments L.P. acquired a new stake in shares of iHeartMedia in the third quarter worth approximately $53,000. O Shaughnessy Asset Management LLC raised its position in iHeartMedia by 11,084.6% in the third quarter. O Shaughnessy Asset Management LLC now owns 2,908 shares of the company’s stock valued at $73,000 after purchasing an additional 2,882 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new position in iHeartMedia during the 3rd quarter worth $96,000. 72.86% of the stock is currently owned by institutional investors.

About iHeartMedia (Get Rating)

iHeartMedia, Inc operates as a media and entertainment company worldwide. 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 live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,400 radio station affiliates.

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