Geode Capital Management LLC Acquires 137,896 Shares of iHeartMedia, Inc. (NASDAQ:IHRT)

Geode Capital Management LLC grew its holdings in iHeartMedia, Inc. (NASDAQ:IHRT) by 5.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,515,516 shares of the company’s stock after purchasing an additional 137,896 shares during the period. Geode Capital Management LLC owned approximately 1.71% of iHeartMedia worth $4,655,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. PFG Investments LLC grew its stake in iHeartMedia by 53.5% in the 2nd quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock valued at $36,000 after buying an additional 11,500 shares in the last quarter. FMR LLC raised its stake in shares of iHeartMedia by 25.2% during the 3rd quarter. FMR LLC now owns 22,879 shares of the company’s stock valued at $42,000 after purchasing an additional 4,598 shares during the period. Intech Investment Management LLC bought a new stake in shares of iHeartMedia during the 3rd quarter valued at $45,000. Algert Global LLC lifted its holdings in iHeartMedia by 100.1% during the 2nd quarter. Algert Global LLC now owns 50,506 shares of the company’s stock worth $55,000 after purchasing an additional 25,266 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in iHeartMedia in the 3rd quarter worth about $56,000. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

iHeartMedia Trading Up 5.4 %

IHRT stock opened at $2.13 on Monday. iHeartMedia, Inc. has a 1-year low of $0.81 and a 1-year high of $3.04. The stock has a market cap of $313.27 million, a price-to-earnings ratio of -0.31 and a beta of 1.71. The company’s 50 day moving average is $2.19 and its 200 day moving average is $1.77.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on IHRT shares. Bank of America upgraded iHeartMedia from an “underperform” rating to a “neutral” rating and upped their price target for the company from $1.00 to $3.00 in a research report on Tuesday, November 12th. 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. Finally, Barrington Research upgraded shares of iHeartMedia to a “hold” rating in a research report on Tuesday, November 12th.

Insider Activity

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

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.