Arrowstreet Capital Limited Partnership Increases Stake in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Arrowstreet Capital increased its Clear Channel Outdoor stake by 807.1% in the first quarter, acquiring 905,992 additional shares for a total of 1.02 million shares valued at approximately $2.4 million. Institutional investors collectively own 85.52% of the company.
• Clear Channel Outdoor shares opened at $2.42, near their 52-week high, while the company reported quarterly revenue of $373.86 million but missed earnings expectations with a loss of $0.10 per share. Analysts maintain a consensus “Reduce” rating with a $2.29 price target.
• Director Raymond T. White sold 23.44 million shares for approximately $56.2 million, reducing his position by 99.21%; insiders sold roughly $63.0 million in stock over the past three months.

Arrowstreet Capital Limited Partnership lifted its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 807.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,018,245 shares of the business services provider's stock after purchasing an additional 905,992 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.20% of Clear Channel Outdoor worth $2,413,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 acquiring an additional 8,976 shares during the period. Millennium Management LLC grew its holdings in shares of Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider's stock worth $5,432,000 after purchasing an additional 912,632 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Clear Channel Outdoor by 0.9% in the second quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider's stock worth $7,927,000 after purchasing an additional 59,366 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Clear Channel Outdoor by 2.7% in the second quarter. Russell Investments Group Ltd. now owns 561,802 shares of the business services provider's stock worth $657,000 after buying an additional 14,855 shares during the period. Finally, Jump Financial LLC purchased a new position in shares of Clear Channel Outdoor in the second quarter worth $587,000. Hedge funds and other institutional investors own 85.52% of the company's stock.

Clear Channel Outdoor Trading Down 0.2%

Shares of CCO opened at $2.42 on Wednesday. The firm's 50-day moving average price is $2.41 and its 200-day moving average price is $2.36. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -13.42 and a beta of 1.95. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $1.02 and a 1-year high of $2.44.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.01). The company had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. On average, research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.06 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Clear Channel Outdoor in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $2.29.

Insider Activity

In other news, Director Raymond T. White sold 23,435,796 shares of the firm's stock in a transaction that occurred on 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 $449,690.40. This trade represents a 99.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 26,239,967 shares of company stock valued at $62,975,921. 7.20% of the stock is currently owned by corporate insiders.

Clear Channel Outdoor 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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