Zazove Associates LLC boosted its position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 13.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,094,793 shares of the business services provider's stock after buying an additional 252,018 shares during the period. Zazove Associates LLC owned approximately 0.43% of Clear Channel Outdoor worth $2,325,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Teacher Retirement System of Texas bought a new stake in shares of Clear Channel Outdoor in the 1st quarter worth about $39,000. JPMorgan Chase & Co. lifted its position in shares of Clear Channel Outdoor by 9.0% during the 4th quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider's stock valued at $10,099,000 after acquiring an additional 610,110 shares during the last quarter. Diameter Capital Partners LP boosted its holdings in shares of Clear Channel Outdoor by 2,210.5% in 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 buying an additional 9,666,788 shares during the period. Geode Capital Management LLC lifted its stake in Clear Channel Outdoor by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider's stock worth $10,756,000 after acquiring an additional 34,262 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Clear Channel Outdoor by 22.9% in the fourth quarter. Wells Fargo & Company MN now owns 246,705 shares of the business services provider's stock worth $338,000 after acquiring an additional 46,050 shares in the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.
Clear Channel Outdoor Stock Performance
Shares of NYSE:CCO traded up $0.03 during midday trading on Friday, hitting $1.18. The company's stock had a trading volume of 5,143,370 shares, compared to its average volume of 3,690,061. The business's 50 day simple moving average is $1.15 and its 200 day simple moving average is $1.15. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $0.81 and a 12-month high of $1.77. The company has a market cap of $583.99 million, a P/E ratio of 29.38 and a beta of 2.65.
Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The business services provider reported ($0.04) EPS for the quarter, hitting analysts' consensus estimates of ($0.04). The firm had revenue of $402.81 million for the quarter, compared to analysts' expectations of $397.37 million.
Insider Transactions at Clear Channel Outdoor
In other news, major shareholder Arturo R. Moreno purchased 1,000,000 shares of the stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $1.07 per share, for a total transaction of $1,070,000.00. Following the acquisition, the insider owned 65,612,859 shares of the company's stock, valued at $70,205,759.13. The trade was a 1.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders have purchased a total of 1,540,656 shares of company stock valued at $1,657,451 over the last three months. 7.70% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
CCO has been the topic of a number of recent research reports. Barrington Research reaffirmed a "market perform" rating on shares of Clear Channel Outdoor in a research note on Wednesday, July 23rd. Morgan Stanley cut their price target on Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating for the company in a research note on Thursday, May 1st.
Check Out Our Latest Research Report on CCO
About Clear Channel Outdoor
(
Free Report)
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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