Absolute Gestao de Investimentos Ltda. Buys Shares of 1,570,846 Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Absolute Gestao de Investimentos bought 1.57 million Clear Channel Outdoor shares worth approximately $3.8 million, representing about 0.31% of the company and 0.4% of its portfolio. Institutional investors collectively own 85.52% of CCO.
• Analyst sentiment remains cautious: Clear Channel Outdoor has a consensus rating of “Reduce” and a target price of $2.29, despite Weiss Ratings upgrading the stock from “sell (d-)” to “sell (d+).”
• CCO reported quarterly revenue of $438.04 million, above the $423.62 million consensus estimate, while EPS of negative $0.01 matched expectations. Shares opened at $2.38, near their 52-week high of $2.44.

Absolute Gestao de Investimentos Ltda. purchased a new position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,570,846 shares of the business services provider's stock, valued at approximately $3,801,000. Clear Channel Outdoor comprises approximately 0.4% of Absolute Gestao de Investimentos Ltda.'s portfolio, making the stock its 18th biggest holding. Absolute Gestao de Investimentos Ltda. owned approximately 0.31% of Clear Channel Outdoor as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Clear Channel Outdoor in the second quarter worth about $73,669,000. Anson Funds Management LP raised its stake in Clear Channel Outdoor by 8.8% during the 4th quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider's stock worth $43,852,000 after acquiring an additional 1,604,125 shares during the period. Glazer Capital LLC bought a new stake in Clear Channel Outdoor during the 2nd quarter worth approximately $29,763,000. Gamco Investors INC. ET AL lifted its holdings in Clear Channel Outdoor by 11.8% during the first quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider's stock valued at $21,533,000 after purchasing an additional 959,400 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Clear Channel Outdoor by 3.9% during the fourth quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider's stock valued at $15,467,000 after purchasing an additional 260,716 shares in the last quarter. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of Clear Channel Outdoor from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, August 6th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Clear Channel Outdoor presently has a consensus rating of "Reduce" and a consensus target price of $2.29.

Clear Channel Outdoor Price Performance

Shares of CCO stock opened at $2.38 on Monday. The company's fifty day simple moving average is $2.40 and its two-hundred day simple moving average is $2.39. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $1.24 and a 52 week high of $2.44. The stock has a market cap of $1.21 billion, a P/E ratio of -11.33 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its earnings results on Wednesday, August 5th. The business services provider reported ($0.01) EPS for the quarter, meeting analysts' consensus estimates of ($0.01). The firm had revenue of $438.04 million for the quarter, compared to the consensus estimate of $423.62 million. On average, analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Raymond White sold 23,435,796 shares of Clear Channel Outdoor stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total value of $56,245,910.40. Following the completion of the transaction, the director owned 187,371 shares in the company, valued at approximately $449,690.40. This trade represents a 99.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 26,239,967 shares of company stock valued at $62,975,921 in the last ninety days. Company insiders own 7.20% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.