Point72 Asset Management L.P. Makes New Investment in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Point72 Asset Management L.P. purchased a new stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 400,000 shares of the business services provider's stock, valued at approximately $548,000. Point72 Asset Management L.P. owned approximately 0.08% of Clear Channel Outdoor as of its most recent filing with the SEC.

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

Clear Channel Outdoor Stock Down 2.3%

Shares of Clear Channel Outdoor stock traded down $0.03 during trading on Wednesday, hitting $1.06. The stock had a trading volume of 216,451 shares, compared to its average volume of 1,693,174. The company has a market capitalization of $524.03 million, a PE ratio of -3.67 and a beta of 2.58. Clear Channel Outdoor Holdings, Inc. has a 1 year low of $0.81 and a 1 year high of $1.88. The stock has a 50 day simple moving average of $1.06 and a 200 day simple moving average of $1.29.

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

Insider Buying and Selling

In related news, CEO Scott Wells acquired 50,000 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were purchased at an average price of $1.08 per share, for a total transaction of $54,000.00. Following the purchase, the chief executive officer now owns 3,392,205 shares in the company, valued at $3,663,581.40. This represents a 1.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Arturo R. Moreno bought 29,289 shares of the firm's stock in a transaction on Monday, April 21st. The shares were bought at an average cost of $0.94 per share, with a total value of $27,531.66. Following the purchase, the insider now directly owns 61,445,196 shares in the company, valued at approximately $57,758,484.24. This trade represents a 0.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 7,947,442 shares of company stock valued at $7,709,003. Corporate insiders own 7.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Barrington Research cut Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 23rd.

Clear Channel Outdoor 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.