Man Group plc Takes $12.06 Million Position in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Man Group plc acquired 4.98 million Clear Channel Outdoor shares worth approximately $12.06 million in the second quarter, representing a 0.98% stake. Hedge funds and other institutions collectively own 85.52% of the company.
• Analyst sentiment remains cautious: Clear Channel Outdoor has a consensus rating of “Reduce”, with four Hold ratings and two Sell ratings, and a consensus price target of $2.29.
• CCO shares opened at $2.38, near their 52-week high of $2.44. The company met quarterly EPS expectations at a loss of $0.01 while revenue of $438.04 million exceeded estimates, although insiders sold more than 26.2 million shares over the past three months.

Man Group plc purchased a new position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,981,976 shares of the business services provider's stock, valued at approximately $12,056,000. Man Group plc owned 0.98% of Clear Channel Outdoor as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in Clear Channel Outdoor by 109.4% during the first quarter. Dimensional Fund Advisors LP now owns 899,187 shares of the business services provider's stock valued at $2,131,000 after acquiring an additional 469,876 shares during the last quarter. Gamco Investors INC. ET AL lifted its holdings in Clear Channel Outdoor by 11.8% in 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 period. Capula Management Ltd purchased a new position in Clear Channel Outdoor in the first quarter worth about $2,200,000. GABELLI & Co INVESTMENT ADVISERS INC. boosted its position in Clear Channel Outdoor by 1,282.3% in the first quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 760,280 shares of the business services provider's stock worth $1,802,000 after purchasing an additional 705,280 shares during the last quarter. Finally, Sentinel Dome Partners LLC bought a new stake in shares of Clear Channel Outdoor during the 4th quarter valued at about $3,470,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Clear Channel Outdoor Price 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 firm has a fifty day moving average price of $2.40 and a 200-day moving average price of $2.39. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -11.36 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its earnings results on Wednesday, August 5th. The business services provider reported ($0.01) EPS for the quarter, hitting analysts' consensus estimates of ($0.01). The company had revenue of $438.04 million during the quarter, compared to the consensus estimate of $423.62 million. Equities research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS 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 company's stock in a transaction dated 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 completion of the sale, the director owned 91,003 shares in the company, valued at $218,407.20. This represents a 96.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 26,239,967 shares of company stock valued at $62,975,921 in the last three months. Corporate insiders own 7.70% of the company's stock.

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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