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

Key Points

• Polar Asset Management Partners purchased a new position of 600,000 shares (~$948,000) in Clear Channel Outdoor during Q3, representing about 0.12% of the company per its latest 13F filing.
• Institutional ownership is high at 85.52%, and several large funds—including Anson, Gamco, JPMorgan, Millennium and Franklin—have recently increased their stakes in the stock.
• Analyst sentiment is mixed with a MarketBeat consensus of "Reduce" and a $2.31 average target (Wells Fargo raised to $2.43, TD Cowen $2.50), while the shares trade around $2.38 (market cap ~$1.18B) after a recent quarter that beat EPS and revenue estimates.

Polar Asset Management Partners Inc. purchased a new position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 600,000 shares of the business services provider's stock, valued at approximately $948,000. Polar Asset Management Partners Inc. owned 0.12% of Clear Channel Outdoor at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Anson Funds Management LP boosted its position in Clear Channel Outdoor by 0.5% during the third quarter. Anson Funds Management LP now owns 18,238,327 shares of the business services provider's stock worth $28,817,000 after purchasing an additional 84,203 shares in the last quarter. Gamco Investors INC. ET AL increased its position in shares of Clear Channel Outdoor by 5.1% in the third quarter. Gamco Investors INC. ET AL now owns 7,349,875 shares of the business services provider's stock valued at $11,613,000 after buying an additional 357,700 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of 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 valued at $7,927,000 after buying an additional 59,366 shares in the last quarter. Millennium Management LLC raised its stake in shares of Clear Channel Outdoor by 22.9% during the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider's stock worth $5,432,000 after buying an additional 912,632 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Clear Channel Outdoor by 12.7% during the 2nd quarter. Franklin Resources Inc. now owns 4,437,527 shares of the business services provider's stock worth $5,192,000 after buying an additional 498,318 shares during the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CCO has been the topic of a number of research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Monday, December 29th. TD Cowen set a $2.50 target price on shares of Clear Channel Outdoor in a research report on Tuesday, February 10th. Finally, Wells Fargo & Company upped their price target on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the company an "equal weight" rating in a report on Friday, February 27th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $2.31.

Clear Channel Outdoor Trading Up 0.6%

Clear Channel Outdoor stock opened at $2.38 on Friday. The stock has a market cap of $1.18 billion, a PE ratio of 47.51 and a beta of 2.30. The stock has a 50-day moving average price of $2.27 and a 200 day moving average price of $1.95. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.81 and a 52 week high of $2.43.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The firm had revenue of $461.52 million during the quarter, compared to analysts' expectations of $449.10 million.

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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