Dimensional Fund Advisors LP Boosts Stake in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Dimensional Fund Advisors more than doubled its Clear Channel Outdoor stake in the first quarter, adding 469,876 shares to own 899,187 shares valued at approximately $2.13 million. Institutional investors collectively own 85.52% of the company.
• Insider selling was significant: Director Raymond T. White sold 2.5 million shares for roughly $6 million, while insiders sold 26.24 million shares worth about $63 million over the past three months.
• CCO reported quarterly revenue of $438.04 million, above the $423.62 million consensus estimate, while meeting the expected loss of $0.01 per share. Analysts maintain a consensus “Reduce” rating with an average price target of $2.29, below the stock’s $2.33 opening price.

Dimensional Fund Advisors LP grew its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 109.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 899,187 shares of the business services provider's stock after buying an additional 469,876 shares during the period. Dimensional Fund Advisors LP owned approximately 0.18% of Clear Channel Outdoor worth $2,131,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CCO. Sentinel Dome Partners LLC purchased a new position in Clear Channel Outdoor in the fourth quarter worth $3,470,000. Occam Crest Management LP raised its position in Clear Channel Outdoor by 423.7% during the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider's stock valued at $7,524,000 after purchasing an additional 2,754,300 shares in the last quarter. Man Investment Partners US LP purchased a new stake in Clear Channel Outdoor during the fourth quarter valued at about $4,612,000. Gamco Investors INC. ET AL lifted its stake in Clear Channel Outdoor by 10.6% during the fourth quarter. Gamco Investors INC. ET AL now owns 8,126,375 shares of the business services provider's stock worth $17,959,000 after purchasing an additional 776,500 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of Clear Channel Outdoor by 105.5% in the 4th quarter. GSA Capital Partners LLP now owns 614,710 shares of the business services provider's stock worth $1,359,000 after purchasing an additional 315,560 shares in the last quarter. Institutional investors own 85.52% of the company's stock.

Insiders Place Their Bets

In related news, Director Raymond T. White sold 2,500,900 shares of the firm'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 transaction of $6,002,160.00. Following the transaction, the director directly owned 91,003 shares in the company, valued at $218,407.20. This trade represents a 96.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 26,239,967 shares of company stock worth $62,975,921. Corporate insiders own 7.70% of the company's stock.

Clear Channel Outdoor Stock Performance

CCO stock opened at $2.33 on Friday. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $1.12 and a 52 week high of $2.44. The firm's fifty day moving average is $2.41 and its 200 day moving average is $2.37. The firm has a market cap of $1.18 billion, a P/E ratio of -11.07 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $438.04 million during the quarter, compared to the consensus estimate of $423.62 million. As a group, 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 report on Thursday, August 6th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Clear Channel Outdoor currently has a consensus rating of "Reduce" and an average target price 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).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source