Assenagon Asset Management S.A. Lowers Stock Position in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Assenagon Asset Management cut its stake in Clear Channel Outdoor by 70.7% in Q4, selling 671,455 shares and retaining 278,552 shares (about 0.06% of the company) worth $616,000 per its SEC filing.
• Analysts hold a consensus rating of "Reduce" with an average price target of $2.31 (ratings: 1 Buy, 4 Hold, 2 Sell); Wells Fargo raised its target to $2.43 while Weiss Ratings reaffirmed a sell.
• Clear Channel posted a slight Q4 beat (EPS $0.02 vs $0.01 estimate; revenue $461.5M vs $449.1M), and the stock trades near $2.38 with a 12‑month range of $0.81–$2.43 and a market cap of $1.18B.

Assenagon Asset Management S.A. cut its position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 70.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 278,552 shares of the business services provider's stock after selling 671,455 shares during the period. Assenagon Asset Management S.A. owned about 0.06% of Clear Channel Outdoor worth $616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of CCO. Sanders Morris Harris LLC bought a new position in shares of Clear Channel Outdoor in the third quarter worth about $25,000. CWM LLC increased its stake in Clear Channel Outdoor by 97.9% in the 3rd quarter. CWM LLC now owns 16,675 shares of the business services provider's stock worth $26,000 after acquiring an additional 8,248 shares during the last quarter. Burney Co. purchased a new stake in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $32,000. Advisors Capital Management LLC raised its holdings in shares of Clear Channel Outdoor by 91.7% during the 3rd quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider's stock worth $36,000 after acquiring an additional 11,000 shares in the last quarter. Finally, Zacks Investment Management bought a new position in shares of Clear Channel Outdoor during the 3rd quarter valued at approximately $36,000. 85.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. TD Cowen set a $2.50 target price on shares of Clear Channel Outdoor in a report on Tuesday, February 10th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clear Channel Outdoor in a report on Friday, March 27th. Finally, Wells Fargo & Company lifted their price target on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an "equal weight" rating in a research report on Friday, February 27th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $2.31.

Clear Channel Outdoor Trading Up 0.2%

Shares of NYSE:CCO opened at $2.38 on Thursday. Clear Channel Outdoor Holdings, Inc. has a 12 month low of $0.81 and a 12 month high of $2.43. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 47.51 and a beta of 2.26. The firm's 50-day moving average is $2.32 and its 200 day moving average is $2.01.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The business services provider reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $461.52 million during the quarter, compared to the consensus estimate of $449.10 million.

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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