Douglas Lane & Associates LLC Sells 506,276 Shares of iHeartMedia, Inc. (NASDAQ:IHRT)

Douglas Lane & Associates LLC lowered its holdings in iHeartMedia, Inc. (NASDAQ:IHRT) by 6.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,592,236 shares of the company’s stock after selling 506,276 shares during the period. Douglas Lane & Associates LLC owned approximately 5.24% of iHeartMedia worth $8,276,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of IHRT. Jump Financial LLC bought a new stake in shares of iHeartMedia during the 4th quarter worth approximately $214,000. Federated Hermes Inc. lifted its holdings in shares of iHeartMedia by 2.2% during the 4th quarter. Federated Hermes Inc. now owns 1,688,805 shares of the company’s stock worth $4,509,000 after acquiring an additional 35,983 shares during the period. Vanguard Group Inc. lifted its holdings in shares of iHeartMedia by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 8,430,714 shares of the company’s stock worth $26,641,000 after acquiring an additional 36,231 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of iHeartMedia by 169.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 39,790 shares of the company’s stock worth $84,000 after acquiring an additional 25,001 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of iHeartMedia by 37.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,765 shares of the company’s stock worth $77,000 after acquiring an additional 7,882 shares during the period. Institutional investors own 93.89% of the company’s stock.

iHeartMedia Price Performance

Shares of IHRT traded up $0.21 during trading hours on Tuesday, hitting $1.63. 936,791 shares of the stock were exchanged, compared to its average volume of 1,059,647. iHeartMedia, Inc. has a fifty-two week low of $0.81 and a fifty-two week high of $4.59. The business has a 50-day moving average of $1.23 and a 200-day moving average of $1.81. The firm has a market capitalization of $236.02 million, a P/E ratio of -0.26, a price-to-earnings-growth ratio of 0.22 and a beta of 1.71.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.43. The firm had revenue of $799.04 million for the quarter, compared to analyst estimates of $806.62 million. During the same quarter last year, the company earned ($1.50) earnings per share. As a group, analysts forecast that iHeartMedia, Inc. will post 0.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

IHRT has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut their price target on shares of iHeartMedia from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Monday, May 13th. Guggenheim dropped their price objective on shares of iHeartMedia from $5.00 to $3.00 and set a “buy” rating for the company in a research note on Thursday, May 16th. Finally, Bank of America dropped their price objective on shares of iHeartMedia from $1.70 to $1.00 and set an “underperform” rating for the company in a research note on Monday, June 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.00.

iHeartMedia Company 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.