Diameter Capital Partners LP Increases Stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Diameter Capital Partners LP increased its holdings in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 2,210.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,104,095 shares of the business services provider's stock after acquiring an additional 9,666,788 shares during the quarter. Clear Channel Outdoor makes up 2.1% of Diameter Capital Partners LP's portfolio, making the stock its 16th biggest position. Diameter Capital Partners LP owned 2.07% of Clear Channel Outdoor worth $13,843,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CCO. Barclays PLC boosted its stake in Clear Channel Outdoor by 271.2% in the 3rd quarter. Barclays PLC now owns 520,663 shares of the business services provider's stock worth $833,000 after purchasing an additional 380,408 shares during the period. JPMorgan Chase & Co. boosted its stake in Clear Channel Outdoor by 0.8% during the third quarter. JPMorgan Chase & Co. now owns 6,761,198 shares of the business services provider's stock worth $10,818,000 after buying an additional 54,566 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Clear Channel Outdoor by 31.2% in the 4th quarter. SG Americas Securities LLC now owns 294,947 shares of the business services provider's stock valued at $404,000 after purchasing an additional 70,196 shares in the last quarter. Inspire Investing LLC increased its stake in shares of Clear Channel Outdoor by 13.6% in the fourth quarter. Inspire Investing LLC now owns 291,121 shares of the business services provider's stock valued at $399,000 after buying an additional 34,759 shares in the last quarter. Finally, Jacksonville Wealth Management LLC acquired a new stake in Clear Channel Outdoor in the fourth quarter worth about $62,000. Institutional investors and hedge funds own 85.52% of the company's stock.

Clear Channel Outdoor Price Performance

Shares of NYSE CCO traded up $0.03 during midday trading on Monday, reaching $1.15. The company's stock had a trading volume of 740,265 shares, compared to its average volume of 1,676,377. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $0.81 and a 12-month high of $1.88. The firm has a 50 day moving average price of $1.07 and a 200-day moving average price of $1.32. The stock has a market capitalization of $561.12 million, a P/E ratio of -3.95 and a beta of 2.58.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The business services provider reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The firm had revenue of $334.18 million during the quarter, compared to analysts' expectations of $337.70 million.

Insider Buying and Selling

In related news, major shareholder Arturo R. Moreno bought 2,500,000 shares of the business's stock in a transaction on Friday, April 4th. The stock was acquired at an average price of $0.97 per share, with a total value of $2,425,000.00. Following the transaction, the insider now owns 54,932,534 shares in the company, valued at approximately $53,284,557.98. This trade represents a 4.77% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Scott Wells bought 50,000 shares of Clear Channel Outdoor stock in a transaction on Tuesday, May 6th. The shares were acquired at an average cost of $1.08 per share, with a total value of $54,000.00. Following the completion of the acquisition, the chief executive officer now owns 3,392,205 shares of the company's stock, valued at $3,663,581.40. The trade was a 1.50% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 7,747,442 shares of company stock worth $7,491,003 in the last ninety days. 7.70% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Barrington Research cut shares of Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 23rd.

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.