Whitebox Advisors LLC Reduces Holdings in Clear Channel Outdoor Holdings, Inc. $CCO

Key Points

• Whitebox Advisors reduced its Clear Channel Outdoor position by 18.5% in the first quarter, selling 456,149 shares and retaining 2.0 million shares valued at approximately $4.75 million. Institutional investors collectively own 85.52% of the company.
• Director Raymond T. White sold 23.4 million shares for about $56.2 million, reducing his direct ownership by 99.21%. Company insiders sold approximately $63.0 million worth of shares during the last quarter.
• Clear Channel Outdoor reported quarterly revenue of $373.9 million but missed earnings expectations with a loss of $0.10 per share. Analysts maintain a consensus “Reduce” rating, with an average price target of $2.29 versus the stock’s $2.42 opening price.

Whitebox Advisors LLC lessened its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 18.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,003,835 shares of the business services provider's stock after selling 456,149 shares during the quarter. Whitebox Advisors LLC owned about 0.39% of Clear Channel Outdoor worth $4,749,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CCO. Benefit Street Partners LLC bought a new position in Clear Channel Outdoor in the 4th quarter worth about $3,310,000. Gamco Investors INC. ET AL raised its holdings in shares of Clear Channel Outdoor by 11.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider's stock valued at $21,533,000 after acquiring an additional 959,400 shares in the last quarter. Man Investment Partners US LP purchased a new stake in shares of Clear Channel Outdoor in the 4th quarter valued at about $4,612,000. Sentinel Dome Partners LLC bought a new stake in shares of Clear Channel Outdoor during the 4th quarter valued at about $3,470,000. Finally, Occam Crest Management LP grew its holdings in shares of Clear Channel Outdoor by 423.7% during the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider's stock worth $7,524,000 after purchasing an additional 2,754,300 shares in the last quarter. 85.52% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 23,435,796 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the transaction, the director directly owned 187,371 shares in the company, valued at $449,690.40. This trade represents a 99.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 26,239,967 shares of company stock worth $62,975,921 in the last quarter. 7.20% of the stock is owned by company insiders.

Clear Channel Outdoor Trading Up 0.2%

CCO opened at $2.42 on Monday. The stock has a 50-day moving average price of $2.40 and a 200-day moving average price of $2.34. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $1.00 and a 12-month high of $2.43. The stock has a market capitalization 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 announced its quarterly earnings data on Tuesday, May 5th. The business services provider reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $373.86 million during the quarter, compared to analysts' expectations of $348.71 million. On average, equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.06 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. 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 research note on Monday, April 6th. 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, the stock currently has a consensus rating of "Reduce" and an average target price of $2.29.

Clear Channel Outdoor Company 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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