iHeartMedia (NASDAQ:IHRT) Releases Earnings Results

iHeartMedia (NASDAQ:IHRT) issued its earnings results on Monday. The company reported $0.63 earnings per share (EPS) for the quarter, Zacks reports.

iHeartMedia Price Performance

Shares of NASDAQ:IHRT traded down $0.06 during mid-day trading on Monday, reaching $4.57. 4,151,834 shares of the company were exchanged, compared to its average volume of 952,208. iHeartMedia has a 1 year low of $0.95 and a 1 year high of $4.77. The firm’s 50-day simple moving average is $2.93 and its 200 day simple moving average is $2.12. The firm has a market cap of $686.15 million, a price-to-earnings ratio of -1.88 and a beta of 1.94.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research report on Wednesday, October 8th. Zacks Research upgraded shares of iHeartMedia from a “strong sell” rating to a “hold” rating in a report on Friday, August 15th. Finally, Wall Street Zen raised shares of iHeartMedia from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, iHeartMedia currently has an average rating of “Hold” and a consensus price target of $2.92.

Insider Activity at iHeartMedia

In other news, CEO Robert W. Pittman purchased 117,371 shares of the stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $2.19 per share, for a total transaction of $257,042.49. Following the completion of the transaction, the chief executive officer directly owned 4,558,760 shares in the company, valued at approximately $9,983,684.40. This represents a 2.64% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iHeartMedia

Several hedge funds have recently bought and sold shares of IHRT. BNP Paribas Financial Markets boosted its holdings in iHeartMedia by 42.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock valued at $33,000 after acquiring an additional 5,591 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of iHeartMedia by 15.0% in the second quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock valued at $77,000 after purchasing an additional 5,684 shares during the period. Rhumbline Advisers boosted its stake in shares of iHeartMedia by 7.1% in the second quarter. Rhumbline Advisers now owns 168,006 shares of the company’s stock valued at $296,000 after purchasing an additional 11,101 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of iHeartMedia by 341.7% in the second quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock valued at $43,000 after purchasing an additional 18,831 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in iHeartMedia by 15.1% during the 2nd quarter. Bank of America Corp DE now owns 215,715 shares of the company’s stock worth $380,000 after buying an additional 28,297 shares during the period. Institutional investors and hedge funds own 93.89% of the company’s stock.

About iHeartMedia

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.