iHeartMedia, Inc. (NASDAQ:IHRT) Expected to Announce Quarterly Sales of $688.00 Million

Equities analysts expect that iHeartMedia, Inc. (NASDAQ:IHRT) will post $688.00 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for iHeartMedia’s earnings. The highest sales estimate is $691.60 million and the lowest is $684.39 million. iHeartMedia reported sales of $780.63 million during the same quarter last year, which indicates a negative year-over-year growth rate of 11.9%. The firm is expected to issue its next earnings report on Thursday, May 6th.

According to Zacks, analysts expect that iHeartMedia will report full year sales of $3.31 billion for the current year, with estimates ranging from $3.27 billion to $3.35 billion. For the next fiscal year, analysts expect that the company will post sales of $3.73 billion, with estimates ranging from $3.63 billion to $3.82 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for iHeartMedia.

iHeartMedia (NASDAQ:IHRT) last announced its earnings results on Thursday, February 25th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.24). The company had revenue of $935.53 million during the quarter, compared to the consensus estimate of $886.48 million.

Several research analysts have issued reports on the company. Morgan Stanley increased their price target on iHeartMedia from $14.00 to $20.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 13th. Wolfe Research upgraded iHeartMedia from a “peer perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a report on Wednesday, March 31st. Bank of America upgraded iHeartMedia from a “neutral” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Monday. B. Riley began coverage on iHeartMedia in a report on Tuesday. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company increased their price objective on iHeartMedia from $14.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 19th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $18.11.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio increased its position in iHeartMedia by 25.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 9,084 shares of the company’s stock worth $118,000 after buying an additional 1,863 shares during the last quarter. Planned Solutions Inc. purchased a new stake in iHeartMedia in the fourth quarter worth $25,000. The Manufacturers Life Insurance Company increased its position in iHeartMedia by 5.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 35,487 shares of the company’s stock worth $461,000 after buying an additional 1,922 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in iHeartMedia in the fourth quarter worth $40,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in iHeartMedia by 94.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,637 shares of the company’s stock worth $99,000 after buying an additional 3,714 shares during the last quarter.

Shares of iHeartMedia stock opened at $18.92 on Wednesday. iHeartMedia has a one year low of $5.61 and a one year high of $20.31. The stock’s 50-day moving average is $17.49 and its 200 day moving average is $14.18.

About iHeartMedia

iHeartMedia, Inc operates as a media and entertainment company worldwide. It operates through two segments, Audio, and Audio and Media Services. The Audio segment offers broadcast radio, digital, mobile, podcasts, social, program syndication, traffic, weather, news and sports data distribution, and on-demand entertainment, as well as live events, including mobile platforms and products; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,200 radio station affiliates.

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Earnings History and Estimates for iHeartMedia (NASDAQ:IHRT)

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