Gabelli Funds LLC Boosts Stock Position in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Gabelli Funds increased its Clear Channel Outdoor stake by 19.7% in the first quarter, adding 673,227 shares to reach 4.09 million shares, worth approximately $9.7 million. Institutional investors and hedge funds collectively own 85.52% of the company.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $2.29. TD Cowen maintained a “Hold” rating while lowering its target to $2.43, and Weiss Ratings reiterated a “Sell” rating.
• Insiders sold heavily, including director Raymond T. White’s sale of 2.5 million shares for about $6 million; insiders sold 26.24 million shares worth nearly $63 million over the last quarter. CCO recently reported a quarterly loss of $0.10 per share, missing estimates, despite revenue exceeding forecasts.

Gabelli Funds LLC lifted its holdings in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 19.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,092,227 shares of the business services provider's stock after purchasing an additional 673,227 shares during the period. Gabelli Funds LLC owned approximately 0.80% of Clear Channel Outdoor worth $9,699,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Captrust Financial Advisors purchased a new position in Clear Channel Outdoor in the fourth quarter valued at $27,000. EntryPoint Capital LLC purchased a new stake in Clear Channel Outdoor during the 4th quarter valued at approximately $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Clear Channel Outdoor during the fourth quarter worth $31,000. Sargent Investment Group LLC acquired a new stake in shares of Clear Channel Outdoor in the 4th quarter worth $33,000. Finally, Transmarket Holdings LP acquired a new stake in Clear Channel Outdoor in the first quarter valued at about $36,000. 85.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on CCO. Weiss Ratings reiterated a "sell (d-)" rating on shares of Clear Channel Outdoor in a research report on Wednesday, June 24th. TD Cowen reaffirmed 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, April 6th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $2.29.

Insiders Place Their Bets

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the company's stock in a transaction 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 approximately $218,407.20. This represents a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 26,239,967 shares of company stock valued at $62,975,921 over the last quarter. 7.20% of the stock is currently owned by corporate insiders.

Clear Channel Outdoor Trading Up 0.2%

CCO stock opened at $2.42 on Monday. The firm has a 50 day moving average of $2.40 and a 200-day moving average of $2.34. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -13.42 and a beta of 1.95. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $1.00 and a 12-month high of $2.43.

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

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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