Zacks: Analysts Expect iHeartMedia, Inc. (NASDAQ:IHRT) Will Announce Quarterly Sales of $804.79 Million

Brokerages forecast that iHeartMedia, Inc. (NASDAQ:IHRT) will announce $804.79 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for iHeartMedia’s earnings. The highest sales estimate is $805.57 million and the lowest is $804.00 million. iHeartMedia reported sales of $487.65 million during the same quarter last year, which indicates a positive year-over-year growth rate of 65%. The business is scheduled to issue its next earnings report on Thursday, August 5th.

On average, analysts expect that iHeartMedia will report full-year sales of $3.38 billion for the current fiscal year, with estimates ranging from $3.31 billion to $3.45 billion. For the next financial year, analysts expect that the company will report sales of $3.87 billion, with estimates ranging from $3.68 billion to $4.02 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow iHeartMedia.

A number of brokerages recently commented on IHRT. Barrington Research lifted their target price on shares of iHeartMedia from $25.00 to $29.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 12th. JPMorgan Chase & Co. raised shares of iHeartMedia from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $17.00 to $29.00 in a report on Monday, May 10th. Wolfe Research raised shares of iHeartMedia from a “peer perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a report on Thursday, March 25th. B. Riley reissued a “buy” rating on shares of iHeartMedia in a report on Tuesday, April 20th. Finally, Zacks Investment Research raised shares of iHeartMedia from a “sell” rating to a “hold” rating in a report on Thursday, June 10th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $23.00.

In other news, CFO Michael B. Mcguinness sold 20,000 shares of iHeartMedia stock in a transaction dated Friday, May 14th. The shares were sold at an average price of $22.45, for a total transaction of $449,000.00. Following the sale, the chief financial officer now owns 18,630 shares of the company’s stock, valued at approximately $418,243.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.80% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of iHeartMedia by 26.7% during the 1st quarter. BlackRock Inc. now owns 7,757,099 shares of the company’s stock valued at $140,791,000 after purchasing an additional 1,635,582 shares in the last quarter. Senator Investment Group LP boosted its stake in shares of iHeartMedia by 17.0% during the 1st quarter. Senator Investment Group LP now owns 3,581,000 shares of the company’s stock valued at $64,995,000 after purchasing an additional 520,000 shares in the last quarter. Sculptor Capital LP lifted its position in iHeartMedia by 75.5% during the 1st quarter. Sculptor Capital LP now owns 3,216,424 shares of the company’s stock valued at $58,379,000 after acquiring an additional 1,383,291 shares during the period. Silver Point Capital L.P. lifted its position in iHeartMedia by 68.4% during the 1st quarter. Silver Point Capital L.P. now owns 3,060,000 shares of the company’s stock valued at $55,539,000 after acquiring an additional 1,243,000 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in iHeartMedia by 368.4% during the 1st quarter. JPMorgan Chase & Co. now owns 2,735,865 shares of the company’s stock valued at $49,655,000 after acquiring an additional 2,151,813 shares during the period. 68.86% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:IHRT traded up $0.43 during trading hours on Monday, reaching $26.09. The company’s stock had a trading volume of 1,412,916 shares, compared to its average volume of 1,137,280. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -8.16 and a beta of 2.30. The firm’s 50-day moving average price is $21.86. iHeartMedia has a 1 year low of $6.25 and a 1 year high of $26.42.

iHeartMedia Company Profile

iHeartMedia, Inc operates as a media and entertainment company worldwide. It operates through two segments, Audio, and Audio & Media Services. The Audio segment offers broadcast radio, digital, mobile, podcasts, social, program syndication, traffic, weather, news and sports data distribution, and on-demand entertainment, as well as live events, including mobile platforms and products; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,500 radio station affiliates.

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Earnings History and Estimates for iHeartMedia (NASDAQ:IHRT)

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