Ares Management Llc Sells 1,631,555 Shares of Clear Channel Outdoor (NYSE:CCO) Stock

Key Points

• Ares Management Llc sold 1,631,555 shares of Clear Channel Outdoor at an average price of $1.39, totaling approximately $2.27 million, resulting in a 2.92% decrease in their position.
• Clear Channel Outdoor's stock price had a recent trading increase of 4.7%, reaching $1.33, with a trading volume significantly exceeding its average.
• Analysts have set an average price target of $1.95 for Clear Channel Outdoor, with ratings ranging from "Buy" to "Sell."

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) major shareholder Ares Management Llc sold 1,631,555 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $1.39, for a total value of $2,267,861.45. Following the completion of the transaction, the insider directly owned 54,197,491 shares in the company, valued at approximately $75,334,512.49. This trade represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, September 10th, Ares Management Llc sold 13,000,000 shares of Clear Channel Outdoor stock. The shares were sold at an average price of $1.13, for a total transaction of $14,690,000.00.

Clear Channel Outdoor Stock Down 3.4%

Shares of CCO traded down $0.05 during trading hours on Tuesday, reaching $1.30. The stock had a trading volume of 8,985,393 shares, compared to its average volume of 2,824,341. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.81 and a 52 week high of $1.77. The firm has a 50-day moving average of $1.20 and a 200 day moving average of $1.14. The company has a market cap of $643.63 million, a P/E ratio of 32.38 and a beta of 2.61.

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

Analysts Set New Price Targets

CCO has been the subject of several recent analyst reports. Morgan Stanley set a $1.75 target price on shares of Clear Channel Outdoor in a research note on Wednesday, September 10th. Barrington Research reiterated a "market perform" rating on shares of Clear Channel Outdoor in a research note on Wednesday, July 23rd. Finally, Citigroup raised their price objective on shares of Clear Channel Outdoor from $1.25 to $1.35 and gave the stock a "neutral" rating in a research report on Thursday, September 11th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $1.95.

Institutional Trading of Clear Channel Outdoor

A number of hedge funds have recently added to or reduced their stakes in CCO. EntryPoint Capital LLC acquired a new position in shares of Clear Channel Outdoor during the first quarter worth $31,000. Graham Capital Management L.P. acquired a new position in shares of Clear Channel Outdoor during the fourth quarter worth $36,000. Teacher Retirement System of Texas acquired a new position in shares of Clear Channel Outdoor during the first quarter worth $39,000. Diversify Wealth Management LLC acquired a new position in shares of Clear Channel Outdoor during the second quarter worth $111,000. Finally, XTX Topco Ltd lifted its holdings in shares of Clear Channel Outdoor by 20.7% during 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. Institutional investors and hedge funds own 85.52% of the company's stock.

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.