Wolverine Asset Management LLC Sells 101,259 Shares of iHeartMedia, Inc. $IHRT

Wolverine Asset Management LLC trimmed its stake in iHeartMedia, Inc. (NASDAQ:IHRT) by 18.3% during the fourth quarter, Holdings Channel reports. The fund owned 451,080 shares of the company’s stock after selling 101,259 shares during the quarter. Wolverine Asset Management LLC’s holdings in iHeartMedia were worth $1,876,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its holdings in iHeartMedia by 20.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock worth $102,000 after acquiring an additional 4,118 shares during the period. Rhumbline Advisers raised its holdings in iHeartMedia by 2.7% in the 3rd quarter. Rhumbline Advisers now owns 172,609 shares of the company’s stock worth $495,000 after acquiring an additional 4,603 shares during the period. BNP Paribas Financial Markets raised its holdings in iHeartMedia by 42.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after acquiring an additional 5,591 shares during the period. The Manufacturers Life Insurance Company raised its holdings in iHeartMedia by 15.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock worth $77,000 after acquiring an additional 5,684 shares during the period. Finally, CWM LLC raised its holdings in iHeartMedia by 22.2% in the 4th quarter. CWM LLC now owns 41,364 shares of the company’s stock worth $172,000 after acquiring an additional 7,511 shares during the period. 93.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research report on Tuesday, April 21st. The Goldman Sachs Group downgraded shares of iHeartMedia from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $4.00 to $3.50 in a report on Friday, January 9th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, iHeartMedia currently has an average rating of “Reduce” and a consensus target price of $4.25.

Insider Transactions at iHeartMedia

In other news, CEO Robert W. Pittman purchased 32,468 shares of iHeartMedia stock in a transaction dated Thursday, March 5th. The shares were bought at an average cost of $3.25 per share, with a total value of $105,521.00. Following the completion of the transaction, the chief executive officer directly owned 6,214,937 shares in the company, valued at $20,198,545.25. This trade represents a 0.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 10.20% of the company’s stock.

iHeartMedia Stock Performance

Shares of IHRT stock opened at $6.28 on Wednesday. The stock’s fifty day moving average is $3.50 and its 200-day moving average is $3.70. The stock has a market capitalization of $946.02 million, a PE ratio of -2.05, a PEG ratio of 58.96 and a beta of 2.33. iHeartMedia, Inc. has a 52 week low of $1.03 and a 52 week high of $6.56.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings results on Monday, March 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.06). iHeartMedia had a negative net margin of 12.24% and a negative return on equity of 1.63%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.10 billion.

iHeartMedia Company Profile

iHeartMedia, Inc (NASDAQ: IHRT) is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.

Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.