Douglas Lane & Associates LLC Decreases Stake in iHeartMedia, Inc. (NASDAQ:IHRT)

Douglas Lane & Associates LLC lessened its holdings in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 32.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,637,817 shares of the company's stock after selling 2,274,962 shares during the period. Douglas Lane & Associates LLC owned 3.15% of iHeartMedia worth $9,183,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in shares of iHeartMedia by 3.6% during the third quarter. JPMorgan Chase & Co. now owns 2,062,753 shares of the company's stock valued at $3,816,000 after acquiring an additional 71,921 shares during the last quarter. Barclays PLC lifted its holdings in iHeartMedia by 513.4% in the 3rd quarter. Barclays PLC now owns 362,060 shares of the company's stock valued at $670,000 after purchasing an additional 303,034 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of iHeartMedia by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,515,516 shares of the company's stock worth $4,655,000 after purchasing an additional 137,896 shares during the last quarter. XTX Topco Ltd grew its holdings in shares of iHeartMedia by 43.3% during the third quarter. XTX Topco Ltd now owns 90,943 shares of the company's stock worth $168,000 after buying an additional 27,486 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of iHeartMedia in the third quarter valued at approximately $56,000. 93.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director James A. Rasulo sold 40,223 shares of the firm's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $2.40, for a total value of $96,535.20. Following the transaction, the director now owns 339,322 shares of the company's stock, valued at approximately $814,372.80. This trade represents a 10.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 6.30% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on IHRT shares. Guggenheim raised their target price on shares of iHeartMedia from $3.00 to $5.00 and gave the stock a "buy" rating in a research report on Tuesday, November 19th. Bank of America upgraded iHeartMedia from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $1.00 to $3.00 in a report on Tuesday, November 12th. Finally, Barrington Research upgraded iHeartMedia to a "hold" rating in a research note on Tuesday, November 12th.

iHeartMedia Stock Performance

iHeartMedia stock traded down $0.11 during trading on Thursday, reaching $1.99. The company had a trading volume of 592,770 shares, compared to its average volume of 612,723. iHeartMedia, Inc. has a 12-month low of $0.81 and a 12-month high of $3.04. The stock's 50 day moving average price is $2.20 and its two-hundred day moving average price is $1.79. The firm has a market capitalization of $292.68 million, a price-to-earnings ratio of -0.29 and a beta of 1.72.

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.