PFG Investments LLC Purchases 11,500 Shares of iHeartMedia, Inc. (NASDAQ:IHRT)

PFG Investments LLC grew its stake in shares of iHeartMedia, Inc. (NASDAQ:IHRT) by 53.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,000 shares of the company’s stock after acquiring an additional 11,500 shares during the quarter. PFG Investments LLC’s holdings in iHeartMedia were worth $36,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Douglas Lane & Associates LLC boosted its position in shares of iHeartMedia by 4.4% during the first quarter. Douglas Lane & Associates LLC now owns 8,098,512 shares of the company’s stock valued at $16,926,000 after buying an additional 342,901 shares during the last quarter. Vanguard Group Inc. boosted its position in iHeartMedia by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,580,896 shares of the company’s stock worth $13,754,000 after purchasing an additional 203,917 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of iHeartMedia by 10.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,949,501 shares of the company’s stock valued at $10,545,000 after buying an additional 384,092 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of iHeartMedia by 287.5% during the 2nd quarter. Acadian Asset Management LLC now owns 784,374 shares of the company’s stock valued at $854,000 after buying an additional 581,980 shares in the last quarter. Finally, Contrarian Capital Management L.L.C. lifted its position in shares of iHeartMedia by 48.3% during the 4th quarter. Contrarian Capital Management L.L.C. now owns 613,730 shares of the company’s stock valued at $1,639,000 after buying an additional 200,000 shares in the last quarter. 93.89% of the stock is currently owned by institutional investors.

iHeartMedia Stock Performance

NASDAQ:IHRT opened at $1.67 on Friday. The stock’s fifty day moving average is $1.49 and its 200 day moving average is $1.60. The firm has a market capitalization of $241.81 million, a PE ratio of -0.28, a PEG ratio of 0.38 and a beta of 1.70. iHeartMedia, Inc. has a fifty-two week low of $0.81 and a fifty-two week high of $3.68.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.08. The firm had revenue of $929.09 million for the quarter, compared to the consensus estimate of $918.03 million. Equities analysts forecast that iHeartMedia, Inc. will post 0.17 EPS for the current year.

Analyst Ratings Changes

Separately, Bank of America decreased their target price on iHeartMedia from $1.70 to $1.00 and set an “underperform” rating on the stock in a research note on Monday, June 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, iHeartMedia has a consensus rating of “Hold” and an average target price of $3.00.

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.