iHeartMedia (NASDAQ:IHRT – Get Rating) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Friday, The Fly reports.
A number of other equities analysts have also recently issued reports on IHRT. Bank of America cut shares of iHeartMedia from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $30.00 to $10.00 in a research note on Friday, June 24th. Morgan Stanley cut iHeartMedia from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $25.00 to $11.00 in a report on Friday, June 10th. JPMorgan Chase & Co. lowered shares of iHeartMedia from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $28.00 to $19.00 in a report on Monday, May 9th. The Goldman Sachs Group cut their price target on shares of iHeartMedia from $32.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, June 23rd. Finally, B. Riley reduced their price objective on iHeartMedia from $40.00 to $36.00 in a research note on Friday, May 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, iHeartMedia currently has an average rating of “Hold” and an average target price of $18.20.
iHeartMedia stock opened at $7.36 on Friday. The firm’s 50 day moving average price is $10.85 and its two-hundred day moving average price is $16.66. The company has a debt-to-equity ratio of 6.58, a quick ratio of 1.91 and a current ratio of 1.91. iHeartMedia has a twelve month low of $7.03 and a twelve month high of $27.62. The firm has a market cap of $1.05 billion, a PE ratio of 32.00, a P/E/G ratio of 0.93 and a beta of 1.91.
iHeartMedia (NASDAQ:IHRT – Get Rating) last posted its earnings results on Thursday, May 5th. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.10). iHeartMedia had a return on equity of 5.40% and a net margin of 0.92%. The company had revenue of $843.46 million during the quarter, compared to analyst estimates of $839.26 million. Equities analysts anticipate that iHeartMedia will post 1.11 EPS for the current fiscal year.
In other news, major shareholder Media & Entertainment I. Global acquired 453,496 shares of the stock in a transaction that occurred on Wednesday, April 13th. The stock was acquired at an average price of $18.79 per share, for a total transaction of $8,521,189.84. Following the transaction, the insider now directly owns 12,557,692 shares in the company, valued at $235,959,032.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Media & Entertainment I. Global acquired 17,342 shares of the company’s stock in a transaction that occurred on Wednesday, April 27th. The shares were bought at an average price of $15.58 per share, for a total transaction of $270,188.36. Following the completion of the acquisition, the insider now 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. Over the last quarter, insiders purchased 4,294,855 shares of company stock valued at $64,481,598. Corporate insiders own 2.90% of the company’s stock.
A number of hedge funds have recently bought and sold shares of IHRT. Counterpoint Mutual Funds LLC grew its holdings in iHeartMedia by 63.7% in the 4th quarter. Counterpoint Mutual Funds LLC now owns 1,341 shares of the company’s stock valued at $28,000 after buying an additional 522 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in iHeartMedia by 2.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,804 shares of the company’s stock valued at $795,000 after acquiring an additional 1,078 shares during the last quarter. Teacher Retirement System of Texas increased its position in iHeartMedia by 5.1% during the 1st quarter. Teacher Retirement System of Texas now owns 24,327 shares of the company’s stock worth $461,000 after purchasing an additional 1,187 shares in the last quarter. Clear Harbor Asset Management LLC boosted its holdings in shares of iHeartMedia by 2.1% during the 4th quarter. Clear Harbor Asset Management LLC now owns 69,559 shares of the company’s stock valued at $1,464,000 after acquiring an additional 1,403 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its position in iHeartMedia by 6.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 26,848 shares of the company’s stock worth $565,000 after acquiring an additional 1,580 shares during the last quarter. Hedge funds and other institutional investors own 80.20% of the company’s stock.
iHeartMedia Company Profile (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.