Bank of New York Mellon Corp Invests $2.58 Million in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Bank of New York Mellon acquired 1.07 million Clear Channel Outdoor shares worth approximately $2.58 million, representing about 0.21% of the company. Institutional investors collectively own 85.52% of CCO.
• Clear Channel Outdoor reported quarterly revenue of $438.04 million, exceeding the $423.62 million analyst consensus, while adjusted EPS of negative $0.01 matched expectations. Analysts forecast a full-year EPS loss of $0.05.
• CCO carries an average analyst rating of “Reduce” with a $2.29 price target; the stock recently opened at $2.38. Director Raymond White also sold 2.5 million shares, reducing his position by 96.49%.

Bank of New York Mellon Corp bought a new stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 1,066,241 shares of the business services provider's stock, valued at approximately $2,580,000. Bank of New York Mellon Corp owned about 0.21% of Clear Channel Outdoor at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Captrust Financial Advisors bought a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at approximately $27,000. EntryPoint Capital LLC bought a new position in shares of Clear Channel Outdoor during the 4th quarter worth about $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Clear Channel Outdoor during the fourth quarter valued at about $31,000. CTC Alternative Strategies Ltd. bought a new stake in shares of Clear Channel Outdoor in the first quarter valued at about $32,000. Finally, Sargent Investment Group LLC bought a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at about $33,000. Institutional investors own 85.52% of the company's stock.

Clear Channel Outdoor Stock Performance

CCO stock opened at $2.38 on Tuesday. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $1.24 and a 1-year high of $2.44. The business's 50 day moving average is $2.40 and its 200-day moving average is $2.39. The firm 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, hitting the consensus estimate of ($0.01). The company had revenue of $438.04 million for the quarter, compared to the consensus estimate of $423.62 million. Sell-side analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded 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 given a Sell rating to the company. According to MarketBeat, Clear Channel Outdoor presently has an average rating of "Reduce" and an average price target of $2.29.

Insider Activity

In other news, Director Raymond White sold 2,500,900 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $2.40, for a total value of $6,002,160.00. Following the sale, the director owned 91,003 shares in the company, valued at approximately $218,407.20. The trade was a 96.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.

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