Insider Buying: iHeartMedia, Inc. (NASDAQ:IHRT) Major Shareholder Buys 152,262 Shares of Stock

iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) major shareholder Media & Entertainment I. Global acquired 152,262 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The stock was bought at an average price of $16.47 per share, with a total value of $2,507,755.14. Following the acquisition, the insider now directly owns 15,242,573 shares of the company’s stock, valued at approximately $251,045,177.31. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

IHRT stock opened at $16.75 on Tuesday. The firm has a market capitalization of $2.38 billion, a PE ratio of -15.37, a P/E/G ratio of 1.42 and a beta of 1.73. The stock’s 50-day moving average price is $19.01. iHeartMedia, Inc. has a fifty-two week low of $15.38 and a fifty-two week high of $28.24.

iHeartMedia (NASDAQ:IHRT – Get Rating) last posted its quarterly earnings data 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 firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. On average, equities analysts predict that iHeartMedia, Inc. will post 1.61 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of IHRT. SG Americas Securities LLC boosted its position in iHeartMedia by 1,088.2% during the third quarter. SG Americas Securities LLC now owns 57,915 shares of the company’s stock valued at $1,449,000 after purchasing an additional 53,041 shares during the last quarter. Deutsche Bank AG boosted its position in iHeartMedia by 10.7% during the third quarter. Deutsche Bank AG now owns 184,738 shares of the company’s stock valued at $4,621,000 after purchasing an additional 17,850 shares during the last quarter. Swiss National Bank boosted its position in iHeartMedia by 1.1% during the third quarter. Swiss National Bank now owns 247,100 shares of the company’s stock valued at $6,182,000 after purchasing an additional 2,600 shares during the last quarter. Mackenzie Financial Corp boosted its position in iHeartMedia by 8.2% during the third quarter. Mackenzie Financial Corp now owns 33,374 shares of the company’s stock valued at $835,000 after purchasing an additional 2,533 shares during the last quarter. Finally, Heartland Advisors Inc. boosted its position in iHeartMedia by 66.7% during the third quarter. Heartland Advisors Inc. now owns 250,000 shares of the company’s stock valued at $6,255,000 after purchasing an additional 100,000 shares during the last quarter. 80.20% of the stock is owned by hedge funds and other institutional investors.

Separately, Zacks Investment Research cut iHeartMedia from a “buy” rating to a “hold” rating in a research note on Friday, January 14th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $30.33.

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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