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

Diameter Capital Partners LP boosted its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 2,210.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 comprises 2.1% of Diameter Capital Partners LP's holdings, making the stock its 16th largest holding. Diameter Capital Partners LP owned approximately 2.07% of Clear Channel Outdoor worth $13,843,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Shenkman Capital Management Inc. increased its holdings in Clear Channel Outdoor by 34.0% in the 4th quarter. Shenkman Capital Management Inc. now owns 2,954,589 shares of the business services provider's stock valued at $4,048,000 after purchasing an additional 750,000 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Clear Channel Outdoor by 9.0% during the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider's stock worth $10,099,000 after buying an additional 610,110 shares during the period. Gamco Investors INC. ET AL grew its stake in shares of Clear Channel Outdoor by 7.8% in the fourth quarter. Gamco Investors INC. ET AL now owns 5,636,000 shares of the business services provider's stock valued at $7,721,000 after buying an additional 405,500 shares in the last quarter. Barclays PLC raised its holdings in shares of Clear Channel Outdoor by 271.2% in the 3rd quarter. Barclays PLC now owns 520,663 shares of the business services provider's stock valued at $833,000 after buying an additional 380,408 shares during the period. Finally, Fore Capital LLC lifted its stake in Clear Channel Outdoor by 3,586.5% during the 4th quarter. Fore Capital LLC now owns 368,650 shares of the business services provider's stock worth $505,000 after acquiring an additional 358,650 shares in the last quarter. Institutional investors and hedge funds own 85.52% of the company's stock.

Insider Buying and Selling

In other news, CEO Scott Wells acquired 50,000 shares of Clear Channel Outdoor stock in a transaction on Tuesday, May 6th. The stock was bought at an average price of $1.08 per share, for a total transaction of $54,000.00. Following the completion of the purchase, the chief executive officer now owns 3,392,205 shares in the company, valued at $3,663,581.40. This represents a 1.50 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Arturo R. Moreno acquired 2,500,000 shares of the firm's stock in a transaction dated Monday, April 7th. The stock was purchased at an average cost of $0.94 per share, with a total value of $2,350,000.00. Following the completion of the acquisition, the insider now directly owns 57,432,534 shares of the company's stock, valued at approximately $53,986,581.96. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 7,747,442 shares of company stock worth $7,491,003 over the last 90 days. 7.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CCO. Morgan Stanley cut their target price on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Barrington Research lowered Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 23rd.

Clear Channel Outdoor Stock Up 3.2 %

NYSE CCO traded up $0.04 on Friday, hitting $1.12. 1,842,336 shares of the stock were exchanged, compared to its average volume of 1,679,939. Clear Channel Outdoor Holdings, Inc. has a fifty-two week low of $0.81 and a fifty-two week high of $1.88. The company has a 50-day moving average price of $1.07 and a 200-day moving average price of $1.33. The company has a market cap of $546.41 million, a PE ratio of -3.84 and a beta of 2.58.

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

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.