Charles Schwab Investment Management Inc. Sells 890,499 Shares of iHeartMedia, Inc. (NASDAQ:IHRT)

Charles Schwab Investment Management Inc. lessened its holdings in iHeartMedia, Inc. (NASDAQ:IHRT) by 32.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,845,437 shares of the company’s stock after selling 890,499 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.25% of iHeartMedia worth $3,654,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in IHRT. Barclays PLC lifted its position in iHeartMedia by 513.4% during the 3rd quarter. Barclays PLC now owns 362,060 shares of the company’s stock worth $670,000 after buying an additional 303,034 shares in the last quarter. Geode Capital Management LLC increased its position in shares of iHeartMedia by 5.8% in the third quarter. Geode Capital Management LLC now owns 2,515,516 shares of the company’s stock valued at $4,655,000 after acquiring an additional 137,896 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in iHeartMedia by 3.6% during the third quarter. JPMorgan Chase & Co. now owns 2,062,753 shares of the company’s stock worth $3,816,000 after acquiring an additional 71,921 shares in the last quarter. MetLife Investment Management LLC acquired a new position in iHeartMedia during the third quarter valued at approximately $112,000. Finally, The Manufacturers Life Insurance Company bought a new position in iHeartMedia in the third quarter valued at approximately $78,000. Institutional investors and hedge funds own 93.89% of the company’s stock.

Insider Activity

In related news, insider Richard J. Bressler bought 100,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $1.79 per share, for a total transaction of $179,000.00. Following the purchase, the insider now owns 3,617,764 shares in the company, valued at $6,475,797.56. This represents a 2.84 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert W. Pittman bought 200,000 shares of iHeartMedia stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $1.60 per share, with a total value of $320,000.00. Following the acquisition, the chief executive officer now directly owns 4,241,389 shares in the company, valued at $6,786,222.40. This trade represents a 4.95 % increase in their position. The disclosure for this purchase can be found here. Insiders own 6.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Guggenheim dropped their price objective on iHeartMedia from $5.00 to $4.50 and set a “buy” rating on the stock in a research note on Monday, March 10th.

iHeartMedia Stock Performance

iHeartMedia stock opened at $1.81 on Thursday. The stock has a 50-day simple moving average of $2.04 and a 200 day simple moving average of $2.03. The stock has a market capitalization of $266.39 million, a P/E ratio of -0.27 and a beta of 1.78. iHeartMedia, Inc. has a 52 week low of $0.81 and a 52 week high of $2.84.

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.