Zazove Associates LLC Has $4.80 Million Stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Zazove Associates LLC trimmed its position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 24.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,639,527 shares of the business services provider's stock after selling 848,110 shares during the quarter. Zazove Associates LLC owned approximately 0.55% of Clear Channel Outdoor worth $4,804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in CCO. JPMorgan Chase & Co. raised its stake in shares of 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 acquiring an additional 7,565,634 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Clear Channel Outdoor by 39.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,475,399 shares of the business services provider's stock valued at $13,099,000 after acquiring an additional 3,550,199 shares in the last quarter. Morgan Stanley increased its position 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 worth $19,186,000 after buying an additional 2,541,546 shares during the period. Norges Bank bought a new position in Clear Channel Outdoor in the 4th quarter worth approximately $2,596,000. Finally, Vanguard Group Inc. increased its position in Clear Channel Outdoor by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 37,671,943 shares of the business services provider's stock worth $130,345,000 after buying an additional 2,381,643 shares during the period. 85.52% of the stock is currently owned by institutional investors and hedge funds.

Clear Channel Outdoor Price Performance

Shares of CCO traded down $0.03 on Wednesday, reaching $1.43. 1,197,550 shares of the stock traded hands, compared to its average volume of 2,419,636. The firm has a market cap of $689.30 million, a price-to-earnings ratio of -2.19 and a beta of 2.88. Clear Channel Outdoor Holdings, Inc. has a 12 month low of $0.99 and a 12 month high of $2.06. The stock's 50-day moving average price is $1.67 and its 200-day moving average price is $1.55.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings results on Monday, February 26th. The business services provider reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $632.11 million during the quarter, compared to analyst estimates of $611.62 million. During the same period in the prior year, the firm earned $0.24 EPS. As a group, equities research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.

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