Bank of America Corp DE Makes New $1.01 Million Investment in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Bank of America acquired 419,068 shares of Clear Channel Outdoor in the second quarter, valued at approximately $1.01 million and representing about 0.08% of the company.
• Clear Channel Outdoor reported quarterly revenue of $438.04 million, exceeding analyst estimates of $423.62 million, while adjusted earnings of a $0.01-per-share loss matched expectations.
• CCO shares were trading at $2.40, near their 12-month high, but analysts remain cautious: the stock has an average “Reduce” rating and a consensus price target of $2.24.

Bank of America Corp DE acquired a new stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 419,068 shares of the business services provider's stock, valued at approximately $1,014,000. Bank of America Corp DE owned about 0.08% of Clear Channel Outdoor at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Quantbot Technologies LP purchased a new stake in shares of Clear Channel Outdoor during the second quarter worth about $33,000. CTC Alternative Strategies Ltd. purchased a new position in shares of Clear Channel Outdoor in the first quarter worth $32,000. Transmarket Holdings LP acquired a new stake in shares of Clear Channel Outdoor during the first quarter worth $36,000. Rangeley Capital LLC acquired a new stake in shares of Clear Channel Outdoor during the first quarter worth $44,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Clear Channel Outdoor during the first quarter valued at $52,000. Institutional investors and hedge funds own 85.52% of the company's stock.

Clear Channel Outdoor Trading Down 0.2%

Shares of CCO opened at $2.40 on Friday. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $1.27 and a 12-month high of $2.44. The firm has a market capitalization of $1.22 billion, a P/E ratio of -11.40 and a beta of 2.01. The firm has a 50-day moving average price of $2.38 and a 200 day moving average price of $2.39.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its earnings results on Tuesday, August 4th. The business services provider reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $438.04 million during the quarter, compared to analyst estimates of $423.62 million. Equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Clear Channel Outdoor from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Thursday, August 6th. Four investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $2.24.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc is an outdoor advertising company that provides brands and agencies with advertising space across physical and digital media formats. Its portfolio includes traditional and digital billboards, street furniture, transit displays, airport advertising, and other out-of-home media assets.

The company sells advertising inventory in high-traffic locations, including roadside corridors, urban centers, transportation hubs, and airports. Its digital displays allow advertisers to deliver flexible, time-sensitive campaigns, while its traditional displays support longer-term brand and local advertising initiatives.

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