The Manufacturers Life Insurance Company Purchases Shares of 42,110 iHeartMedia, Inc. (NASDAQ:IHRT)

The Manufacturers Life Insurance Company acquired a new position in iHeartMedia, Inc. (NASDAQ:IHRT) during the third quarter, according to its most recent filing with the SEC. The firm acquired 42,110 shares of the company’s stock, valued at approximately $78,000.

Other hedge funds have also recently made changes to their positions in the company. Rhumbline Advisers raised its stake in iHeartMedia by 4.1% in the second quarter. Rhumbline Advisers now owns 184,290 shares of the company’s stock worth $201,000 after buying an additional 7,258 shares in the last quarter. PFG Investments LLC raised its position in shares of iHeartMedia by 53.5% in the 2nd quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock worth $36,000 after acquiring an additional 11,500 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of iHeartMedia in the 3rd quarter worth approximately $45,000. Algert Global LLC lifted its stake in shares of iHeartMedia by 100.1% in the 2nd quarter. Algert Global LLC now owns 50,506 shares of the company’s stock valued at $55,000 after purchasing an additional 25,266 shares during the period. Finally, Optas LLC bought a new stake in shares of iHeartMedia during the second quarter valued at approximately $29,000. 93.89% of the stock is owned by hedge funds and other institutional investors.

iHeartMedia Stock Performance

Shares of IHRT stock opened at $2.06 on Wednesday. The company has a market capitalization of $302.97 million, a price-to-earnings ratio of -0.30 and a beta of 1.71. iHeartMedia, Inc. has a one year low of $0.81 and a one year high of $3.04. The company’s 50-day moving average is $2.17 and its 200 day moving average is $1.69.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IHRT. Bank of America upgraded iHeartMedia from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $1.00 to $3.00 in a report on Tuesday, November 12th. Guggenheim increased their price target 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 raised shares of iHeartMedia to a “hold” rating in a research note on Tuesday, November 12th.

Insider Activity at iHeartMedia

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 value of $96,535.20. Following the transaction, the director now directly owns 339,322 shares of the company’s stock, valued at approximately $814,372.80. This trade represents a 10.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.30% of the stock is owned by insiders.

iHeartMedia Company 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.