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

iHeartMedia, Inc. (NASDAQ:IHRTGet 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:IHRTGet 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.

Further Reading

Insider Buying and Selling by Quarter for iHeartMedia (NASDAQ:IHRT)

Receive News & Ratings for iHeartMedia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for iHeartMedia and related companies with MarketBeat.com's FREE daily email newsletter.