Putnam Investments LLC Sells 25,431 Shares of iHeartMedia, Inc. (NASDAQ:IHRT)

Putnam Investments LLC lessened its position in iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) by 11.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 189,928 shares of the company’s stock after selling 25,431 shares during the period. Putnam Investments LLC’s holdings in iHeartMedia were worth $1,392,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IHRT. Nisa Investment Advisors LLC raised its holdings in shares of iHeartMedia by 58.8% during the third quarter. Nisa Investment Advisors LLC now owns 7,164 shares of the company’s stock valued at $59,000 after purchasing an additional 2,654 shares during the last quarter. Watershed Asset Management L.L.C. bought a new position in shares of iHeartMedia in the third quarter worth approximately $65,000. Fox Run Management L.L.C. bought a new position in shares of iHeartMedia during the third quarter worth $74,000. Lazard Asset Management LLC bought a new position in shares of iHeartMedia during the second quarter worth $74,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of iHeartMedia during the second quarter worth $81,000. Institutional investors own 72.30% of the company’s stock.

iHeartMedia Trading Down 3.5 %

Shares of IHRT opened at $4.73 on Tuesday. iHeartMedia, Inc. has a 52-week low of $4.38 and a 52-week high of $20.48. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.91. The firm’s fifty day moving average is $7.03 and its two-hundred day moving average is $7.72. The stock has a market cap of $677.62 million, a PE ratio of -2.66 and a beta of 1.74.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IHRT. Barrington Research downgraded shares of iHeartMedia from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 1st. JPMorgan Chase & Co. cut shares of iHeartMedia from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $10.00 to $5.00 in a report on Wednesday, March 1st. B. Riley lowered their price target on shares of iHeartMedia from $22.00 to $16.00 in a report on Wednesday, March 1st. Finally, Wells Fargo & Company lowered their target price on shares of iHeartMedia from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $9.86.

Insiders Place Their Bets

In other iHeartMedia news, insider Richard J. Bressler bought 94,518 shares of the stock in a transaction on Friday, March 3rd. The shares were bought at an average price of $5.53 per share, with a total value of $522,684.54. Following the purchase, the insider now directly owns 1,606,178 shares in the company, valued at approximately $8,882,164.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other iHeartMedia news, insider Richard J. Bressler bought 94,518 shares of the stock in a transaction on Friday, March 3rd. The shares were bought at an average price of $5.53 per share, with a total value of $522,684.54. Following the purchase, the insider now directly owns 1,606,178 shares in the company, valued at approximately $8,882,164.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael B. Mcguinness purchased 17,500 shares of the stock in a transaction dated Tuesday, March 7th. The shares were purchased at an average cost of $5.45 per share, for a total transaction of $95,375.00. Following the transaction, the chief financial officer now owns 138,535 shares in the company, valued at approximately $755,015.75. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by corporate insiders.

About iHeartMedia

(Get Rating)

iHeartMedia, Inc operates as a media and entertainment company worldwide. 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 live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,400 radio station affiliates.