Glazer Capital LLC Makes New Investment in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Glazer Capital initiated a sizable position in Clear Channel Outdoor, purchasing 12.3 million shares worth approximately $29.8 million, or 2.42% of the company. Institutional investors and hedge funds collectively own 85.52% of the stock.
• Analyst sentiment remains cautious: CCO has a consensus rating of “Reduce”, with four Hold ratings and two Sell ratings, and a consensus price target of $2.29.
• Clear Channel Outdoor reported quarterly revenue of $438.0 million, exceeding estimates of $423.6 million, while earnings matched expectations at a loss of $0.01 per share. Shares opened at $2.38, near their 52-week high of $2.44.

Glazer Capital LLC purchased a new position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,298,891 shares of the business services provider's stock, valued at approximately $29,763,000. Clear Channel Outdoor makes up 0.7% of Glazer Capital LLC's investment portfolio, making the stock its 24th biggest holding. Glazer Capital LLC owned 2.42% of Clear Channel Outdoor as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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. Millennium Management LLC grew its position in Clear Channel Outdoor by 22.9% in the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider's stock valued at $5,432,000 after buying an additional 912,632 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Clear Channel Outdoor by 0.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider's stock valued at $7,927,000 after buying an additional 59,366 shares during the period. Russell Investments Group Ltd. increased its stake in Clear Channel Outdoor by 2.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 561,802 shares of the business services provider's stock valued at $657,000 after buying an additional 14,855 shares during the period. Finally, Jump Financial LLC bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth about $587,000. 85.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Clear Channel Outdoor Stock Performance

Shares of CCO stock opened at $2.38 on Friday. Clear Channel Outdoor Holdings, Inc. has a 1 year low of $1.22 and a 1 year high of $2.44. The business's fifty day moving average is $2.40 and its 200-day moving average is $2.39. The stock has a market cap of $1.21 billion, a PE ratio of -11.36 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $438.04 million during the quarter, compared to analyst estimates of $423.62 million. Equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current year.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $2.40, for a total value of $6,002,160.00. Following the sale, the director directly owned 91,003 shares in the company, valued at approximately $218,407.20. The trade was a 96.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 26,239,967 shares of company stock valued at $62,975,921 in the last quarter. 7.70% of the stock is currently owned by 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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