Readystate Asset Management LP Buys 1,723,417 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Readystate Asset Management LP grew its stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 37.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,267,547 shares of the business services provider's stock after purchasing an additional 1,723,417 shares during the period. Readystate Asset Management LP owned about 1.28% of Clear Channel Outdoor worth $6,957,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in shares of Clear Channel Outdoor during the first quarter valued at $39,000. JPMorgan Chase & Co. raised its position in 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 valued at $10,099,000 after buying an additional 610,110 shares during the period. Diameter Capital Partners LP raised its position in 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 valued at $13,843,000 after buying an additional 9,666,788 shares during the period. Geode Capital Management LLC raised its position in 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 valued at $10,756,000 after buying an additional 34,262 shares during the period. Finally, Wells Fargo & Company MN raised its position in Clear Channel Outdoor by 22.9% during the fourth quarter. Wells Fargo & Company MN now owns 246,705 shares of the business services provider's stock valued at $338,000 after buying an additional 46,050 shares during the period. 85.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CCO has been the topic of several recent analyst reports. Barrington Research reissued a "market perform" rating on shares of Clear Channel Outdoor in a research report on Wednesday. Morgan Stanley dropped their price target on 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.

Insider Activity

In other news, CEO Scott Wells bought 50,000 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were bought at an average cost of $1.08 per share, with a total value of $54,000.00. Following the transaction, the chief executive officer directly owned 3,392,205 shares in the company, valued at approximately $3,663,581.40. This trade represents a 1.50% increase in their position. 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 325,567 shares of the company's stock in a transaction on Friday, May 2nd. The stock was purchased at an average cost of $1.07 per share, for a total transaction of $348,356.69. Following the completion of the transaction, the insider owned 62,552,674 shares in the company, valued at approximately $66,931,361.18. The trade was a 0.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 742,335 shares of company stock worth $794,008. Insiders own 7.70% of the company's stock.

Clear Channel Outdoor Trading Down 2.2%

CCO stock traded down $0.03 during mid-day trading on Friday, hitting $1.13. The stock had a trading volume of 792,221 shares, compared to its average volume of 2,199,021. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $0.81 and a 1-year high of $1.77. The company has a fifty day moving average of $1.15 and a 200 day moving average of $1.19. The stock has a market capitalization of $558.80 million, a price-to-earnings ratio of -18.75 and a beta of 2.58.

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 for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $334.18 million during the quarter, compared to analyst estimates of $337.70 million.

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.