GABELLI & Co INVESTMENT ADVISERS INC. Purchases 705,280 Shares of Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• GABELLI & Co. INVESTMENT ADVISERS INC. increased its Clear Channel Outdoor stake by 1,282.3% in the first quarter, buying 705,280 additional shares and bringing its total to 760,280 shares worth about $1.8 million.
• Clear Channel Outdoor reported mixed quarterly results, with revenue of $373.86 million beating estimates but EPS of ($0.10) missing expectations by one cent.
• Sentiment remains cautious: analysts’ average rating is “Reduce” with a $2.29 target price, and insider selling has been significant, including a director sale of more than 23.4 million shares.

GABELLI & Co INVESTMENT ADVISERS INC. lifted its position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 1,282.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 760,280 shares of the business services provider's stock after buying an additional 705,280 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. owned about 0.15% of Clear Channel Outdoor worth $1,802,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Gamco Investors INC. ET AL grew its position in Clear Channel Outdoor by 11.8% during the first quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider's stock valued at $21,533,000 after acquiring an additional 959,400 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Clear Channel Outdoor in the 1st quarter worth approximately $52,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Clear Channel Outdoor by 807.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,018,245 shares of the business services provider's stock valued at $2,413,000 after purchasing an additional 905,992 shares in the last quarter. Capula Management Ltd purchased a new stake in shares of Clear Channel Outdoor in the 1st quarter valued at $2,200,000. Finally, Transmarket Holdings LP bought a new position in shares of Clear Channel Outdoor during the 1st quarter valued at $36,000. Institutional investors own 85.52% of the company's stock.

Clear Channel Outdoor Stock Performance

Shares of Clear Channel Outdoor stock opened at $2.42 on Friday. Clear Channel Outdoor Holdings, Inc. has a 52-week low of $1.00 and a 52-week high of $2.43. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -13.42 and a beta of 1.95. The company's 50 day moving average price is $2.40 and its 200-day moving average price is $2.34.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.01). The company had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. As a group, equities research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CCO has been the subject of several recent research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. TD Cowen reaffirmed a "hold" rating and set a $2.43 price objective (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Clear Channel Outdoor presently has an average rating of "Reduce" and an average target price of $2.29.

Insider Activity

In other news, Director Raymond T. White sold 23,435,796 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the completion of the transaction, the director directly owned 187,371 shares of the company's stock, valued at approximately $449,690.40. This represents a 99.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 26,239,967 shares of company stock valued at $62,975,921 in the last 90 days. 7.70% of the stock is currently owned by insiders.

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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