Charles Schwab Investment Management Inc. Reduces Holdings in iHeartMedia, Inc. (NASDAQ:IHRT)

Charles Schwab Investment Management Inc. decreased its position in shares of iHeartMedia, Inc. (NASDAQ:IHRT) by 23.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,735,936 shares of the company’s stock after selling 827,214 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.86% of iHeartMedia worth $5,061,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Rhumbline Advisers grew its holdings in shares of iHeartMedia by 4.1% during the second quarter. Rhumbline Advisers now owns 184,290 shares of the company’s stock worth $201,000 after purchasing an additional 7,258 shares during the last quarter. PFG Investments LLC grew its holdings in shares of iHeartMedia by 53.5% during the second quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock worth $36,000 after purchasing an additional 11,500 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of iHeartMedia during the third quarter worth about $45,000. Algert Global LLC grew its holdings in shares of iHeartMedia by 100.1% during the second quarter. Algert Global LLC now owns 50,506 shares of the company’s stock worth $55,000 after purchasing an additional 25,266 shares during the last quarter. Finally, Optas LLC purchased a new position in shares of iHeartMedia during the second quarter worth about $29,000. Hedge funds and other institutional investors own 93.89% of the company’s stock.

Insider Activity at iHeartMedia

In other news, Director James A. Rasulo sold 40,223 shares of iHeartMedia stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $2.40, for a total transaction of $96,535.20. Following the completion of the sale, the director now directly owns 339,322 shares in the company, valued at approximately $814,372.80. This trade represents a 10.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.30% of the stock is owned by insiders.

iHeartMedia Stock Down 2.4 %

Shares of NASDAQ:IHRT opened at $2.39 on Friday. The company has a market cap of $351.51 million, a P/E ratio of -0.35 and a beta of 1.71. iHeartMedia, Inc. has a 52 week low of $0.81 and a 52 week high of $3.04. The company has a 50-day moving average price of $2.16 and a 200 day moving average price of $1.65.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IHRT. Guggenheim increased their target price on shares of iHeartMedia from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Barrington Research upgraded shares of iHeartMedia to a “hold” rating in a research note on Tuesday, November 12th. Finally, Bank of America upgraded shares of 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 note on Tuesday, November 12th.

iHeartMedia 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.