2,500,000 Shares in Clear Channel Outdoor Holdings, Inc. $CCO Purchased by EVR Research LP

Key Points

• EVR Research LP established a new position of 2,500,000 shares in Clear Channel Outdoor (CCO) during Q3, worth about $3.95 million and representing 2.4% of EVR's portfolio while equating to roughly 0.50% of CCO outstanding.
• CCO shares recently opened at $2.38 with a market cap of $1.18 billion, a P/E of 47.51 and a 52‑week range of $0.81–$2.43, and the company most recently beat estimates with $0.02 EPS (vs. $0.01 expected) and $461.5M in revenue (vs. $449.1M expected).
• Institutional ownership is high at 85.52%, and analyst sentiment is mixed—MarketBeat shows a consensus rating of "Reduce" with a $2.31 target (1 Buy, 4 Hold, 2 Sell), while firms like Wells Fargo have recently raised targets to $2.43.

EVR Research LP purchased a new position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,500,000 shares of the business services provider's stock, valued at approximately $3,950,000. Clear Channel Outdoor makes up 2.4% of EVR Research LP's investment portfolio, making the stock its 13th biggest position. EVR Research LP owned approximately 0.50% of Clear Channel Outdoor at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CCO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Clear Channel Outdoor by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider's stock valued at $234,000 after buying an additional 8,976 shares in the last quarter. Millennium Management LLC increased its holdings in Clear Channel Outdoor by 22.9% in the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider's stock worth $5,432,000 after acquiring an additional 912,632 shares in the last quarter. Catalyst Funds Management Pty Ltd acquired a new position in Clear Channel Outdoor during the second quarter worth $218,000. JPMorgan Chase & Co. lifted its holdings in Clear Channel Outdoor by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider's stock valued at $7,927,000 after purchasing an additional 59,366 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Clear Channel Outdoor by 12.7% during the second quarter. Franklin Resources Inc. now owns 4,437,527 shares of the business services provider's stock valued at $5,192,000 after purchasing an additional 498,318 shares in the last quarter. 85.52% of the stock is owned by institutional investors and hedge funds.

Clear Channel Outdoor Stock Up 0.6%

Shares of NYSE CCO opened at $2.38 on Friday. The firm has a 50-day simple moving average of $2.24 and a 200-day simple moving average of $1.90. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 47.51 and a beta of 2.30. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.81 and a 52 week high of $2.43.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $461.52 million for the quarter, compared to analyst estimates of $449.10 million.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CCO. Weiss Ratings reissued a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Monday, December 29th. Wells Fargo & Company raised their price target on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the company an "equal weight" rating in a research note on Friday, February 27th. Zacks Research lowered Clear Channel Outdoor from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 13th. Finally, TD Cowen set a $2.50 target price on Clear Channel Outdoor in a report on Tuesday, February 10th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $2.31.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc NYSE: CCO is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company's portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.

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