Renaissance Technologies LLC Lowers Position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Renaissance Technologies LLC cut its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 57.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 307,905 shares of the business services provider's stock after selling 422,277 shares during the period. Renaissance Technologies LLC owned approximately 0.06% of Clear Channel Outdoor worth $422,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings 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 worth $10,099,000 after purchasing an additional 610,110 shares in the last quarter. Barclays PLC increased its stake in Clear Channel Outdoor by 271.2% in the third quarter. Barclays PLC now owns 520,663 shares of the business services provider's stock valued at $833,000 after purchasing an additional 380,408 shares in the last quarter. SG Americas Securities LLC increased its stake in Clear Channel Outdoor by 31.2% during the 4th quarter. SG Americas Securities LLC now owns 294,947 shares of the business services provider's stock valued at $404,000 after purchasing an additional 70,196 shares in the last quarter. Geode Capital Management LLC increased its holdings in Clear Channel Outdoor by 0.4% during 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 purchasing an additional 34,262 shares in the last quarter. Finally, Intech Investment Management LLC raised its position in Clear Channel Outdoor by 114.4% in the 4th quarter. Intech Investment Management LLC now owns 143,413 shares of the business services provider's stock valued at $196,000 after buying an additional 76,536 shares during the last quarter. 85.52% of the stock is owned by institutional investors and hedge funds.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO remained flat at $1.08 during midday trading on Friday. 278,283 shares of the company traded hands, compared to its average volume of 1,674,072. Clear Channel Outdoor Holdings, Inc. has a one year low of $0.81 and a one year high of $1.88. The firm has a 50-day moving average of $1.07 and a 200-day moving average of $1.33. The company has a market capitalization of $529.26 million, a price-to-earnings ratio of -3.72 and a beta of 2.58.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its earnings results on Thursday, May 1st. The business services provider reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $334.18 million during the quarter, compared to the consensus estimate of $337.70 million.

Insider Buying and Selling at Clear Channel Outdoor

In other Clear Channel Outdoor news, CEO Scott Wells bought 50,000 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was acquired at an average price of $1.08 per share, for a total transaction of $54,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,392,205 shares of the company's stock, valued at approximately $3,663,581.40. This represents a 1.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Arturo R. Moreno bought 2,500,000 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average cost of $0.97 per share, with a total value of $2,425,000.00. Following the transaction, the insider now directly owns 54,932,534 shares of the company's stock, valued at $53,284,557.98. The trade was a 4.77 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 7,747,442 shares of company stock valued at $7,491,003. Insiders own 7.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CCO shares. Morgan Stanley cut their target price on Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Barrington Research lowered Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 23rd.

Clear Channel Outdoor Company 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.