Point72 Asset Management L.P. Invests $548,000 in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Point72 Asset Management L.P. bought a new position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 400,000 shares of the business services provider's stock, valued at approximately $548,000. Point72 Asset Management L.P. owned 0.08% of Clear Channel Outdoor at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Diameter Capital Partners LP increased its holdings in shares of Clear Channel Outdoor by 2,210.5% during the fourth quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider's stock worth $13,843,000 after purchasing an additional 9,666,788 shares during the period. Geode Capital Management LLC increased its holdings in shares of Clear Channel Outdoor by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider's stock worth $10,756,000 after purchasing an additional 34,262 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Clear Channel Outdoor by 9.0% during the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider's stock worth $10,099,000 after purchasing an additional 610,110 shares during the period. Gamco Investors INC. ET AL increased its holdings in shares of Clear Channel Outdoor by 7.8% during the fourth quarter. Gamco Investors INC. ET AL now owns 5,636,000 shares of the business services provider's stock worth $7,721,000 after purchasing an additional 405,500 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Clear Channel Outdoor by 3.8% during the fourth quarter. Northern Trust Corp now owns 3,205,102 shares of the business services provider's stock worth $4,391,000 after purchasing an additional 117,516 shares during the period. 85.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CCO has been the topic of a number of recent analyst reports. 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 note on Thursday, May 1st. Barrington Research downgraded shares of Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 23rd.

Clear Channel Outdoor Price Performance

Shares of CCO opened at $1.12 on Friday. Clear Channel Outdoor Holdings, Inc. has a one year low of $0.81 and a one year high of $1.88. The company has a market cap of $553.84 million, a P/E ratio of -3.84 and a beta of 2.58. The firm has a 50 day simple moving average of $1.06 and a two-hundred day simple moving average of $1.30.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The business services provider reported ($0.11) 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 Transactions at Clear Channel Outdoor

In related news, CEO Scott Wells purchased 50,000 shares of the stock in a transaction dated Tuesday, May 6th. The stock was bought 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 owns 3,392,205 shares of the company's stock, valued at approximately $3,663,581.40. This represents a 1.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Arturo R. Moreno purchased 2,500,000 shares of the stock in a transaction dated Friday, April 4th. The shares were bought at an average price of $0.97 per share, with a total value of $2,425,000.00. Following the completion of the acquisition, the insider now directly owns 54,932,534 shares of the company's stock, valued at approximately $53,284,557.98. This represents a 4.77% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 7,947,442 shares of company stock worth $7,709,003. Corporate insiders own 7.70% of the company's stock.

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.

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