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

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 business's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $1.13, for a total value of $14,690,000.00. Following the completion of the sale, the insider directly owned 41,197,491 shares of the company's stock, valued at approximately $46,553,164.83. This represents a 23.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company's shares 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 value of $2,267,861.45.

Clear Channel Outdoor Trading Down 3.4%

Clear Channel Outdoor stock traded down $0.05 during midday trading on Tuesday, hitting $1.30. The stock had a trading volume of 8,985,393 shares, compared to its average volume of 2,824,341. The stock has a market cap of $643.63 million, a P/E ratio of 32.38 and a beta of 2.61. Clear Channel Outdoor Holdings, Inc. has a 12 month low of $0.81 and a 12 month high of $1.77. The business has a fifty day moving average price of $1.20 and a 200 day moving average price of $1.14.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last issued its earnings results on Tuesday, August 5th. The business services provider reported ($0.04) EPS for the quarter, meeting analysts' consensus estimates of ($0.04). The company had revenue of $402.81 million during 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Barrington Research restated a "market perform" rating on shares of Clear Channel Outdoor in a research note on Wednesday, July 23rd. Citigroup lifted their target price on Clear Channel Outdoor from $1.25 to $1.35 and gave the company a "neutral" rating in a research note on Thursday, September 11th. Finally, Morgan Stanley set a $1.75 target price on Clear Channel Outdoor in a research note on Wednesday, September 10th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $1.95.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of institutional investors have recently added to or reduced their stakes in CCO. EntryPoint Capital LLC acquired a new stake in Clear Channel Outdoor in the first quarter worth approximately $31,000. Graham Capital Management L.P. acquired a new stake in Clear Channel Outdoor in the fourth quarter worth approximately $36,000. Teacher Retirement System of Texas acquired a new stake in Clear Channel Outdoor in the first quarter worth approximately $39,000. Diversify Wealth Management LLC acquired a new stake in Clear Channel Outdoor in the second quarter worth approximately $111,000. Finally, XTX Topco Ltd lifted its position in Clear Channel Outdoor by 20.7% in the first quarter. XTX Topco Ltd now owns 100,929 shares of the business services provider's stock worth $112,000 after purchasing an additional 17,292 shares during the period. 85.52% of the stock is currently owned by institutional investors and hedge funds.

About Clear Channel Outdoor

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.