iHeartMedia (NASDAQ:IHRT) Rating Lowered to Neutral at JPMorgan Chase & Co.

iHeartMedia (NASDAQ:IHRTGet Rating) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Monday, The Fly reports.

Other analysts have also issued reports about the stock. B. Riley lowered their price objective on shares of iHeartMedia from $40.00 to $36.00 in a report on Friday. Zacks Investment Research downgraded shares of iHeartMedia from a “hold” rating to a “sell” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $29.83.

Shares of IHRT opened at $14.01 on Monday. iHeartMedia has a one year low of $13.88 and a one year high of $28.24. The business has a 50-day moving average of $18.65. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 60.92, a PEG ratio of 1.26 and a beta of 1.73.

iHeartMedia (NASDAQ:IHRTGet Rating) last issued its quarterly earnings data on Wednesday, February 23rd. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.54 by $0.22. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Equities research analysts forecast that iHeartMedia will post 1.59 EPS for the current year.

In other news, major shareholder Media & Entertainment I. Global purchased 619,937 shares of iHeartMedia stock in a transaction that occurred on Monday, April 25th. The stock was bought at an average price of $17.74 per share, with a total value of $10,997,682.38. Following the completion of the transaction, the insider now directly owns 14,027,075 shares of the company’s stock, valued at $248,840,310.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Media & Entertainment I. Global purchased 17,342 shares of iHeartMedia stock in a transaction that occurred on Wednesday, April 27th. The shares were purchased at an average cost of $15.58 per share, with a total value of $270,188.36. Following the transaction, the insider now directly owns 14,349,342 shares of the company’s stock, valued at $223,562,748.36. The disclosure for this purchase can be found here. Insiders have acquired 1,824,576 shares of company stock valued at $31,670,077 in the last ninety days. Insiders own 2.90% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Los Angeles Capital Management LLC increased its position in shares of iHeartMedia by 38.1% during the first quarter. Los Angeles Capital Management LLC now owns 37,088 shares of the company’s stock valued at $702,000 after acquiring an additional 10,240 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in iHeartMedia by 370.8% in the first quarter. New York State Common Retirement Fund now owns 380,053 shares of the company’s stock worth $7,194,000 after purchasing an additional 299,327 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in iHeartMedia by 51.3% in the first quarter. Russell Investments Group Ltd. now owns 29,981 shares of the company’s stock worth $566,000 after purchasing an additional 10,167 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in iHeartMedia by 35.6% in the first quarter. Victory Capital Management Inc. now owns 61,520 shares of the company’s stock worth $984,000 after purchasing an additional 16,140 shares during the last quarter. Finally, Hohimer Wealth Management LLC boosted its holdings in iHeartMedia by 5.3% in the first quarter. Hohimer Wealth Management LLC now owns 97,014 shares of the company’s stock worth $1,836,000 after purchasing an additional 4,873 shares during the last quarter. 80.20% of the stock is 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.

Featured Articles

The Fly logo

Analyst Recommendations 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.