Clear Channel Outdoor Holdings, Inc. $CCO Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America nearly doubled its Clear Channel Outdoor stake in the first quarter, acquiring 439,481 additional shares to own 905,024 shares valued at approximately $2.15 million. Institutional investors collectively hold 85.52% of the company.
• Despite increased institutional ownership, insider selling was substantial: Director Raymond T. White sold 2.5 million shares for about $6 million, while insiders sold 26.24 million shares worth roughly $63 million over the past three months.
• Clear Channel Outdoor reported quarterly revenue of $438.04 million, above analyst expectations, while EPS of negative $0.01 matched forecasts. The stock traded near $2.37, and analysts maintain a consensus “Reduce” rating with an average price target of $2.29.

Bank of America Corp DE lifted its stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 94.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 905,024 shares of the business services provider's stock after acquiring an additional 439,481 shares during the period. Bank of America Corp DE owned 0.18% of Clear Channel Outdoor worth $2,145,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Captrust Financial Advisors purchased a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at about $27,000. EntryPoint Capital LLC purchased a new position in Clear Channel Outdoor during the fourth quarter worth about $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Clear Channel Outdoor during the fourth quarter worth about $31,000. Sargent Investment Group LLC acquired a new position in Clear Channel Outdoor in the 4th quarter valued at about $33,000. Finally, Transmarket Holdings LP acquired a new position in Clear Channel Outdoor in the 1st quarter valued at about $36,000. Institutional investors and hedge funds own 85.52% of the company's stock.

Insiders Place Their Bets

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was 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 of the company's stock, valued at $218,407.20. The trade was a 96.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 26,239,967 shares of company stock valued at $62,975,921. 7.20% of the stock is currently owned by company insiders.

Clear Channel Outdoor Price Performance

Shares of CCO stock opened at $2.37 on Wednesday. The firm has a market cap of $1.21 billion, a PE ratio of -11.29 and a beta of 1.95. The company has a 50-day moving average of $2.40 and a two-hundred day moving average of $2.39. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $1.23 and a 1-year high of $2.44.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.01). The company had revenue of $438.04 million during the quarter, compared to analysts' expectations of $423.62 million. Sell-side analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current fiscal 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 report on Thursday, August 6th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $2.29.

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.

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).

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