BlackRock Inc. Takes Position in Clear Channel Outdoor Holdings, Inc. $CCO

BlackRock Inc. purchased 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 disclosure with the SEC. The institutional investor purchased 30,441,688 shares of the business services provider's stock, valued at approximately $73,669,000. BlackRock Inc. owned about 5.98% of Clear Channel Outdoor as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Ieq Capital LLC grew its stake in shares of Clear Channel Outdoor by 8.3% during the 4th quarter. Ieq Capital LLC now owns 58,889 shares of the business services provider's stock valued at $130,000 after acquiring an additional 4,493 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Clear Channel Outdoor by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider's stock valued at $234,000 after purchasing an additional 8,976 shares in the last quarter. Captrust Financial Advisors bought a new position in shares of Clear Channel Outdoor in the fourth quarter worth approximately $27,000. EntryPoint Capital LLC purchased a new stake in shares of Clear Channel Outdoor in the fourth quarter worth $28,000. Finally, State Street Corp raised its position in shares of Clear Channel Outdoor by 0.6% during the 4th quarter. State Street Corp now owns 2,454,158 shares of the business services provider's stock valued at $5,424,000 after purchasing an additional 13,630 shares during the period. Hedge funds and other institutional investors own 85.52% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings raised Clear Channel Outdoor from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, August 6th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $2.29.

Clear Channel Outdoor Stock Performance

CCO opened at $2.34 on Monday. The business's fifty day simple moving average is $2.40 and its 200-day simple moving average is $2.39. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -11.14 and a beta of 1.95. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $1.22 and a 12-month high of $2.44.

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, meeting analysts' consensus estimates of ($0.01). The firm had revenue of $438.04 million for the quarter, compared to analysts' expectations of $423.62 million. On average, equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current year.

Insider Activity at Clear Channel Outdoor

In related news, Director Raymond T. White sold 2,500,900 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the sale, the director directly owned 91,003 shares of the company's stock, valued at $218,407.20. This trade represents a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 26,239,967 shares of company stock valued at $62,975,921. 7.20% of the stock is owned by corporate insiders.

Clear Channel Outdoor 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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