Bank of America Corp DE Increases Stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Bank of America Corp DE raised its stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 32.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,374,918 shares of the business services provider's stock after purchasing an additional 340,239 shares during the quarter. Bank of America Corp DE owned about 0.28% of Clear Channel Outdoor worth $1,884,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC increased its stake in shares of Clear Channel Outdoor by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider's stock worth $10,756,000 after acquiring an additional 34,262 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Clear Channel Outdoor by 9.0% in the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider's stock worth $10,099,000 after acquiring an additional 610,110 shares during the period. Gamco Investors INC. ET AL increased 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 worth $7,721,000 after acquiring an additional 405,500 shares during the period. Northern Trust Corp increased its stake in shares of Clear Channel Outdoor by 3.8% in the fourth quarter. Northern Trust Corp now owns 3,205,102 shares of the business services provider's stock worth $4,391,000 after acquiring an additional 117,516 shares during the period. Finally, Shenkman Capital Management Inc. increased its stake in shares of Clear Channel Outdoor by 34.0% in the fourth quarter. Shenkman Capital Management Inc. now owns 2,954,589 shares of the business services provider's stock worth $4,048,000 after acquiring an additional 750,000 shares during the period. Institutional investors and hedge funds own 85.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CCO. Barrington Research lowered shares of Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 23rd. Morgan Stanley dropped 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 report on Thursday, May 1st.

Insider Buying and Selling at Clear Channel Outdoor

In related news, CEO Scott Wells purchased 50,000 shares of Clear Channel Outdoor stock in a transaction dated Tuesday, May 6th. The shares were acquired at an average cost of $1.08 per share, with a total value of $54,000.00. Following the purchase, the chief executive officer now owns 3,392,205 shares of the company's stock, valued at approximately $3,663,581.40. The trade was a 1.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Arturo R. Moreno purchased 200,000 shares of Clear Channel Outdoor stock in a transaction dated Thursday, May 8th. The stock was bought at an average cost of $1.09 per share, for a total transaction of $218,000.00. Following the completion of the purchase, the insider now directly owns 62,894,358 shares in the company, valued at approximately $68,554,850.22. This trade represents a 0.32% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 7,970,776 shares of company stock worth $7,733,737 in the last ninety days. 7.70% of the stock is owned by insiders.

Clear Channel Outdoor Price Performance

CCO traded up $0.07 on Friday, reaching $1.16. 1,493,327 shares of the company's stock were exchanged, compared to its average volume of 1,689,722. The stock has a market cap of $573.71 million, a PE ratio of -3.98 and a beta of 2.59. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $0.81 and a twelve month high of $1.88. The stock's fifty day moving average price is $1.05 and its 200-day moving average price is $1.26.

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

About Clear Channel Outdoor

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.