Millennium Management LLC Decreases Holdings in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Millennium Management LLC trimmed its position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 53.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,981,263 shares of the business services provider's stock after selling 4,648,130 shares during the period. Millennium Management LLC owned about 0.81% of Clear Channel Outdoor worth $5,454,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Clear Channel Outdoor by 5.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 202,148 shares of the business services provider's stock worth $277,000 after purchasing an additional 11,015 shares in the last quarter. MetLife Investment Management LLC grew its holdings in Clear Channel Outdoor by 8.5% during the fourth quarter. MetLife Investment Management LLC now owns 176,289 shares of the business services provider's stock valued at $242,000 after purchasing an additional 13,824 shares during the period. Cubist Systematic Strategies LLC increased its position in Clear Channel Outdoor by 24.2% in the fourth quarter. Cubist Systematic Strategies LLC now owns 97,302 shares of the business services provider's stock worth $133,000 after buying an additional 18,958 shares in the last quarter. DigitalBridge Group Inc. increased its position in Clear Channel Outdoor by 2.4% in the fourth quarter. DigitalBridge Group Inc. now owns 823,833 shares of the business services provider's stock worth $1,129,000 after buying an additional 19,100 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Clear Channel Outdoor by 7.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 376,987 shares of the business services provider's stock worth $518,000 after buying an additional 25,197 shares during the period. 85.52% of the stock is currently owned by institutional investors.

Clear Channel Outdoor Price Performance

Shares of CCO stock traded down $0.01 during mid-day trading on Friday, hitting $1.07. The stock had a trading volume of 1,779,192 shares, compared to its average volume of 1,702,353. The firm has a market capitalization of $529.00 million, a P/E ratio of -3.67 and a beta of 2.58. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $0.81 and a 12-month high of $1.88. The firm's 50-day moving average is $1.05 and its two-hundred day moving average is $1.28.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last issued its earnings results on Thursday, May 1st. The business services provider reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $334.18 million for the quarter, compared to the consensus estimate of $337.70 million.

Insider Activity at Clear Channel Outdoor

In related news, major shareholder Arturo R. Moreno acquired 2,500,000 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was acquired at an average price of $0.97 per share, with a total value of $2,425,000.00. Following the acquisition, the insider now directly owns 54,932,534 shares in the company, valued at $53,284,557.98. This represents a 4.77% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Scott Wells purchased 50,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were purchased at an average cost of $1.08 per share, for a total transaction of $54,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 3,392,205 shares of the company's stock, valued at $3,663,581.40. This represents a 1.50% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,970,776 shares of company stock valued at $7,733,737 over the last ninety days. 7.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on CCO shares. Morgan Stanley decreased their price objective on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Barrington Research lowered Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 23rd.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.