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 business's stock in a transaction dated Tuesday, September 9th. The stock was 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 of the company's stock, valued at approximately $75,334,512.49. This trade represents a 2.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 value of $14,690,000.00.

Clear Channel Outdoor Trading Up 4.7%

CCO stock traded up $0.06 during trading on Thursday, reaching $1.33. The stock had a trading volume of 6,587,957 shares, compared to its average volume of 2,452,856. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.81 and a 52 week high of $1.77. The stock's 50 day moving average is $1.19 and its two-hundred day moving average is $1.14. The firm has a market cap of $661.03 million, a PE ratio of 33.26 and a beta of 2.61.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The business services provider reported ($0.04) earnings per share (EPS) for the quarter, meeting 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.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Graham Capital Management L.P. bought a new position in shares of Clear Channel Outdoor during the 4th quarter valued at approximately $36,000. EntryPoint Capital LLC bought a new position in shares of Clear Channel Outdoor during the 1st quarter valued at approximately $31,000. Teacher Retirement System of Texas bought a new position in shares of Clear Channel Outdoor during the 1st quarter valued at approximately $39,000. Cubist Systematic Strategies LLC grew its stake in shares of Clear Channel Outdoor by 24.2% during the 4th quarter. Cubist Systematic Strategies LLC now owns 97,302 shares of the business services provider's stock valued at $133,000 after acquiring an additional 18,958 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of Clear Channel Outdoor by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 99,330 shares of the business services provider's stock valued at $136,000 after acquiring an additional 32,683 shares during the period. 85.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on CCO. Morgan Stanley set a $1.75 price target on Clear Channel Outdoor in a research note on Wednesday. Barrington Research restated a "market perform" rating on shares of Clear Channel Outdoor in a research note on Wednesday, July 23rd. Finally, Citigroup boosted their price target on Clear Channel Outdoor from $1.25 to $1.35 and gave the company a "neutral" rating in a research note on Thursday. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.