Invesco Ltd. Reduces Position in iHeartMedia, Inc. $IHRT

Invesco Ltd. cut its holdings in shares of iHeartMedia, Inc. (NASDAQ:IHRT) by 16.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 572,595 shares of the company’s stock after selling 112,474 shares during the period. Invesco Ltd. owned approximately 0.39% of iHeartMedia worth $945,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. US Bancorp DE boosted its position in shares of iHeartMedia by 224.0% during the first quarter. US Bancorp DE now owns 16,402 shares of the company’s stock valued at $27,000 after buying an additional 11,339 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in iHeartMedia in the fourth quarter worth about $33,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in iHeartMedia in the first quarter worth about $32,000. State of Wyoming purchased a new position in iHeartMedia in the fourth quarter worth about $49,000. Finally, Algert Global LLC purchased a new position in iHeartMedia in the fourth quarter worth about $50,000. 93.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on IHRT shares. Wall Street Zen raised iHeartMedia from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. The Goldman Sachs Group increased their price target on shares of iHeartMedia from $1.00 to $1.25 and gave the stock a “neutral” rating in a research report on Wednesday, May 14th. Finally, Zacks Research upgraded shares of iHeartMedia from a “strong sell” rating to a “hold” rating in a research report on Friday, August 15th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.92.

Insider Buying and Selling at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman bought 117,371 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average price of $2.19 per share, with a total value of $257,042.49. Following the purchase, the chief executive officer owned 4,558,760 shares of the company’s stock, valued at $9,983,684.40. This trade represents a 2.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.30% of the stock is currently owned by insiders.

iHeartMedia Stock Up 5.2%

IHRT stock opened at $2.24 on Wednesday. iHeartMedia, Inc. has a twelve month low of $0.95 and a twelve month high of $2.84. The stock has a market cap of $336.31 million, a P/E ratio of -0.92 and a beta of 1.87. The business’s 50-day moving average price is $1.99 and its 200-day moving average price is $1.65.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.26). iHeartMedia had a negative net margin of 9.68% and a negative return on equity of 2.84%. The company had revenue of $933.65 million for the quarter, compared to analysts’ expectations of $912.35 million. On average, equities research analysts expect that iHeartMedia, Inc. will post -0.13 earnings per share for the current fiscal year.

iHeartMedia Profile

iHeartMedia, Inc operates as an audio media company in the United States and internationally. 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 events, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents syndicated radio programs and services to radio station affiliates.