iHeartMedia, Inc. (NASDAQ:IHRT) – Research analysts at Barrington Research cut their FY2022 EPS estimates for iHeartMedia in a research note issued on Monday, July 19th. Barrington Research analyst J. Goss now anticipates that the company will post earnings of $0.91 per share for the year, down from their previous forecast of $1.05. Barrington Research has a “Outperform” rating and a $34.00 price objective on the stock. Barrington Research also issued estimates for iHeartMedia’s FY2023 earnings at $0.86 EPS.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research downgraded iHeartMedia from a “hold” rating to a “sell” rating in a report on Wednesday. The Goldman Sachs Group assumed coverage on shares of iHeartMedia in a research report on Thursday, July 15th. They set a “buy” rating and a $32.00 target price for the company. JPMorgan Chase & Co. upgraded shares of iHeartMedia from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $17.00 to $29.00 in a research report on Monday, May 10th. B. Riley restated a “buy” rating and set a $35.00 target price (up from $30.00) on shares of iHeartMedia in a research report on Tuesday, June 29th. Finally, Morgan Stanley boosted their target price on shares of iHeartMedia from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Thursday, July 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. iHeartMedia presently has an average rating of “Buy” and a consensus price target of $26.67.
iHeartMedia (NASDAQ:IHRT) last issued its earnings results on Thursday, May 6th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.50) by ($0.89). The company had revenue of $706.67 million during the quarter, compared to the consensus estimate of $689.00 million.
In other news, CFO Michael B. Mcguinness sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $22.45, for a total transaction of $449,000.00. Following the completion of the transaction, the chief financial officer now directly owns 18,630 shares of the company’s stock, valued at approximately $418,243.50. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in shares of iHeartMedia by 26.7% during the 1st quarter. BlackRock Inc. now owns 7,757,099 shares of the company’s stock worth $140,791,000 after purchasing an additional 1,635,582 shares during the last quarter. Senator Investment Group LP raised its position 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 worth $64,995,000 after purchasing an additional 520,000 shares during the last quarter. Sculptor Capital LP raised its stake in iHeartMedia by 75.5% in the 1st quarter. Sculptor Capital LP now owns 3,216,424 shares of the company’s stock valued at $58,379,000 after purchasing an additional 1,383,291 shares during the last quarter. Silver Point Capital L.P. raised its stake in iHeartMedia by 68.4% in 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 purchasing an additional 1,243,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in iHeartMedia by 368.4% in the 1st quarter. JPMorgan Chase & Co. now owns 2,735,865 shares of the company’s stock valued at $49,655,000 after purchasing an additional 2,151,813 shares during the last quarter. Hedge funds and other institutional investors own 67.60% of the company’s stock.
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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