Charles Schwab Investment Management Inc. Sells 827,214 Shares of iHeartMedia, Inc. (NASDAQ:IHRT)

Charles Schwab Investment Management Inc. trimmed its position in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 23.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,735,936 shares of the company's stock after selling 827,214 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.86% of iHeartMedia worth $5,061,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in iHeartMedia during the 2nd quarter valued at approximately $69,000. AEGON USA Investment Management LLC lifted its stake in iHeartMedia by 128.3% in the second quarter. AEGON USA Investment Management LLC now owns 208,713 shares of the company's stock worth $227,000 after acquiring an additional 117,273 shares during the period. Optas LLC bought a new stake in iHeartMedia in the second quarter valued at $29,000. Bank of New York Mellon Corp increased its position in iHeartMedia by 10.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 403,283 shares of the company's stock valued at $440,000 after purchasing an additional 37,656 shares during the period. Finally, Rhumbline Advisers raised its holdings in iHeartMedia by 4.1% in the 2nd quarter. Rhumbline Advisers now owns 184,290 shares of the company's stock worth $201,000 after purchasing an additional 7,258 shares in the last quarter. 93.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

IHRT has been the topic of a number of research reports. Guggenheim lifted their target price on shares of iHeartMedia from $3.00 to $5.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. Barrington Research raised iHeartMedia to a "hold" rating in a research report on Tuesday, November 12th. Finally, Bank of America raised iHeartMedia from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $1.00 to $3.00 in a research report on Tuesday, November 12th.

Insider Activity

In related news, Director James A. Rasulo sold 40,223 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $2.40, for a total transaction of $96,535.20. Following the sale, the director now directly owns 339,322 shares of the company's stock, valued at approximately $814,372.80. This represents a 10.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.30% of the company's stock.

iHeartMedia Price Performance

NASDAQ IHRT traded down $0.08 during trading hours on Friday, reaching $2.31. 327,240 shares of the company's stock traded hands, compared to its average volume of 953,026. iHeartMedia, Inc. has a 52-week low of $0.81 and a 52-week high of $3.04. The firm has a 50-day simple moving average of $2.16 and a 200 day simple moving average of $1.65. The firm has a market cap of $339.73 million, a PE ratio of -0.35 and a beta of 1.71.

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.