Polar Asset Management Partners Inc. Takes $1.19 Million Position in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Polar Asset Management Partners acquired 500,000 shares of Clear Channel Outdoor worth approximately $1.19 million, while institutional investors collectively own 85.52% of the company.
• Insider selling was substantial: director Raymond T. White sold 2.5 million shares for about $6.0 million, and insiders sold 26.24 million shares valued at nearly $63 million over the past 90 days.
• Clear Channel Outdoor’s shares opened at $2.42, near their 12-month high of $2.43. Analysts remain cautious, with a consensus “Reduce” rating and a $2.29 price target after the company narrowly missed quarterly EPS estimates.

Polar Asset Management Partners Inc. purchased a new stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 500,000 shares of the business services provider's stock, valued at approximately $1,185,000. Polar Asset Management Partners Inc. owned 0.10% of Clear Channel Outdoor at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 during the period. Millennium Management LLC raised its holdings in Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider's stock worth $5,432,000 after purchasing an additional 912,632 shares during the period. JPMorgan Chase & Co. raised its holdings in Clear Channel Outdoor by 0.9% in the second quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider's stock worth $7,927,000 after purchasing an additional 59,366 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Clear Channel Outdoor by 2.7% during the second quarter. Russell Investments Group Ltd. now owns 561,802 shares of the business services provider's stock worth $657,000 after purchasing an additional 14,855 shares in the last quarter. Finally, Jump Financial LLC bought a new position in shares of Clear Channel Outdoor during the second quarter worth $587,000. Institutional investors own 85.52% of the company's stock.

Insider Activity at Clear Channel Outdoor

In other news, Director Raymond T. White sold 2,500,900 shares of the business'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 sale, the director directly owned 91,003 shares in the company, valued at $218,407.20. The trade was a 96.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 26,239,967 shares of company stock valued at $62,975,921 in the last 90 days. Insiders own 7.20% of the company's stock.

Clear Channel Outdoor Stock Performance

Shares of CCO opened at $2.42 on Tuesday. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $1.00 and a twelve month high of $2.43. The firm's 50 day moving average price is $2.41 and its two-hundred day moving average price is $2.34. The firm has a market cap of $1.23 billion, a P/E ratio of -13.42 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. On average, sell-side analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CCO. TD Cowen reissued a "hold" rating and issued a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Clear Channel Outdoor presently has a consensus rating of "Reduce" and a consensus price target of $2.29.

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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