Vanguard Group Inc. Sells 3,416,799 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Vanguard Group Inc. lowered its stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 7.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,976,581 shares of the business services provider's stock after selling 3,416,799 shares during the quarter. Vanguard Group Inc. owned about 8.28% of Clear Channel Outdoor worth $63,163,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. increased its position in Clear Channel Outdoor by 1.2% during the second quarter. BlackRock Inc. now owns 27,984,693 shares of the business services provider's stock worth $38,339,000 after acquiring an additional 334,434 shares during the period. Legion Partners Asset Management LLC increased its holdings in Clear Channel Outdoor by 7.1% in the 3rd quarter. Legion Partners Asset Management LLC now owns 26,530,196 shares of the business services provider's stock valued at $41,918,000 after buying an additional 1,753,407 shares during the period. Morgan Stanley increased its holdings in Clear Channel Outdoor by 16.2% in the 4th quarter. Morgan Stanley now owns 18,272,035 shares of the business services provider's stock valued at $19,186,000 after buying an additional 2,541,546 shares during the period. JPMorgan Chase & Co. increased its holdings in Clear Channel Outdoor by 102.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 14,931,384 shares of the business services provider's stock valued at $23,592,000 after buying an additional 7,565,634 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Clear Channel Outdoor by 4.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,021,087 shares of the business services provider's stock valued at $15,625,000 after buying an additional 545,688 shares during the period. Institutional investors own 85.52% of the company's stock.

Clear Channel Outdoor Stock Performance

Clear Channel Outdoor stock traded up $0.04 during trading hours on Monday, reaching $1.65. 1,422,388 shares of the company's stock traded hands, compared to its average volume of 2,391,703. Clear Channel Outdoor Holdings, Inc. has a fifty-two week low of $0.99 and a fifty-two week high of $2.06. The firm has a market capitalization of $798.14 million, a price-to-earnings ratio of -2.54 and a beta of 2.88. The firm's 50 day moving average is $1.70 and its 200-day moving average is $1.55.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its earnings results on Monday, February 26th. The business services provider reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. The business had revenue of $632.11 million for the quarter, compared to analyst estimates of $611.62 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. Analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.24 EPS for the current year.

Analyst Upgrades and Downgrades

CCO has been the topic of several analyst reports. Barrington Research reissued an "outperform" rating and issued a $2.50 price target on shares of Clear Channel Outdoor in a report on Tuesday, February 27th. StockNews.com raised shares of Clear Channel Outdoor from a "sell" rating to a "hold" rating in a report on Friday, February 16th. Morgan Stanley boosted their price target on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the company an "equal weight" rating in a report on Wednesday, February 28th. Finally, Wells Fargo & Company raised shares of Clear Channel Outdoor from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $1.50 to $2.75 in a report on Wednesday, December 20th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $2.16.

About Clear Channel Outdoor

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.