Benefit Street Partners LLC Takes $3.31 Million Position in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Benefit Street Partners LLC acquired 1,497,926 shares of Clear Channel Outdoor (NYSE:CCO) worth about $3.31 million, making the holding 3.6% of its portfolio and roughly 0.30% of CCO outstanding.
• Institutional ownership is high at 85.52%, and other managers have been active—Contrarian Capital Management now holds 2,521,871 shares while Squarepoint and several firms also built or increased positions.
• CCO trades around $2.38 (12‑month range $0.86–$2.43) with a $1.18B market cap; analysts carry a consensus "Reduce" rating and $2.29 price target despite a slight quarterly beat on EPS ($0.02 vs. $0.01) and revenue.

Benefit Street Partners LLC acquired a new stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,497,926 shares of the business services provider's stock, valued at approximately $3,310,000. Clear Channel Outdoor makes up 3.6% of Benefit Street Partners LLC's investment portfolio, making the stock its 7th biggest position. Benefit Street Partners LLC owned approximately 0.30% of Clear Channel Outdoor at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in shares of Clear Channel Outdoor in the 3rd quarter valued at $1,501,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Clear Channel Outdoor in the 2nd quarter valued at $3,510,000. Squarepoint Ops LLC raised its stake in Clear Channel Outdoor by 4,516.1% during the 2nd quarter. Squarepoint Ops LLC now owns 548,946 shares of the business services provider's stock worth $642,000 after acquiring an additional 537,054 shares in the last quarter. Polar Asset Management Partners Inc. acquired a new stake in Clear Channel Outdoor during the 3rd quarter worth $948,000. Finally, Contrarian Capital Management L.L.C. raised its stake in Clear Channel Outdoor by 73.6% during the 3rd quarter. Contrarian Capital Management L.L.C. now owns 2,521,871 shares of the business services provider's stock worth $3,985,000 after acquiring an additional 1,069,257 shares in the last quarter. 85.52% of the stock is currently owned by institutional investors and hedge funds.

Clear Channel Outdoor Price Performance

Shares of NYSE:CCO opened at $2.38 on Thursday. The company's fifty day moving average price is $2.34 and its 200 day moving average price is $2.05. Clear Channel Outdoor Holdings, Inc. has a 12 month low of $0.86 and a 12 month high of $2.43. The firm has a market capitalization of $1.18 billion, a P/E ratio of 47.51 and a beta of 2.26.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The business services provider reported $0.02 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $461.52 million during the quarter, compared to analyst estimates of $449.10 million.

Analysts Set New Price Targets

CCO has been the topic of several research analyst reports. Wells Fargo & Company lifted their price target on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an "equal weight" rating in a research note on Friday, February 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Friday, March 27th. Finally, TD Cowen reiterated a "hold" rating and set a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday. Five equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $2.29.

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.

Want to see what other hedge funds are holding CCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.