Ares Management Llc Sells 13,000,000 Shares of Clear Channel Outdoor (NYSE:CCO) Stock

Key Points

• Ares Management LLC sold 13 million shares of Clear Channel Outdoor stock at an average price of $1.13, totaling $14.69 million, which marks a nearly 24% decrease in their ownership.
• Clear Channel Outdoor shares rose by 4.7% to $1.33, with a market cap of approximately $661 million and a recent earnings report showing revenue exceeding analysts' estimates.
• Several institutional investors, including Squarepoint Ops and Tower Research Capital, significantly increased their stakes in Clear Channel Outdoor, with 85.52% of the stock now owned by institutional investors.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) major shareholder Ares Management Llc sold 13,000,000 shares of the company's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $1.13, for a total transaction of $14,690,000.00. Following the sale, the insider directly owned 41,197,491 shares in the company, valued at $46,553,164.83. This trade represents a 23.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Tuesday, September 9th, Ares Management Llc sold 1,631,555 shares of Clear Channel Outdoor stock. The shares were sold at an average price of $1.39, for a total transaction of $2,267,861.45.

Clear Channel Outdoor Trading Up 4.7%

Clear Channel Outdoor stock traded up $0.06 during trading hours on Thursday, reaching $1.33. 6,587,957 shares of the stock were exchanged, compared to its average volume of 2,452,856. The company has a market cap of $661.03 million, a P/E ratio of 33.26 and a beta of 2.61. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $0.81 and a twelve month high of $1.77. The stock has a 50 day moving average of $1.19 and a two-hundred day moving average of $1.14.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its earnings results on Tuesday, August 5th. The business services provider reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The business had revenue of $402.81 million for the quarter, compared to analyst estimates of $397.37 million. Clear Channel Outdoor has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS.

Hedge Funds Weigh In On Clear Channel Outdoor

Several institutional investors and hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC increased its holdings in shares of Clear Channel Outdoor by 4,516.1% during the second quarter. Squarepoint Ops LLC now owns 548,946 shares of the business services provider's stock valued at $642,000 after acquiring an additional 537,054 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Clear Channel Outdoor by 1,864.1% during the second quarter. Tower Research Capital LLC TRC now owns 234,808 shares of the business services provider's stock valued at $275,000 after buying an additional 222,853 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Clear Channel Outdoor during the second quarter valued at $293,000. Engineers Gate Manager LP boosted its position in shares of Clear Channel Outdoor by 140.5% during the second quarter. Engineers Gate Manager LP now owns 177,545 shares of the business services provider's stock valued at $208,000 after buying an additional 103,729 shares during the last quarter. Finally, Brevan Howard Capital Management LP boosted its position in shares of Clear Channel Outdoor by 637.7% during the second quarter. Brevan Howard Capital Management LP now owns 706,174 shares of the business services provider's stock valued at $826,000 after buying an additional 610,448 shares during the last quarter. 85.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CCO shares. Citigroup boosted their price objective on Clear Channel Outdoor from $1.25 to $1.35 and gave the company a "neutral" rating in a research note on Thursday. Barrington Research reissued a "market perform" rating on shares of Clear Channel Outdoor in a report on Wednesday, July 23rd. Finally, Morgan Stanley set a $1.75 target price on Clear Channel Outdoor in a research note on Wednesday. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $1.95.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.

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