Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Ares Management Llc Buys 400,000 Shares

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Rating) major shareholder Ares Management Llc acquired 400,000 shares of Clear Channel Outdoor stock in a transaction on Tuesday, January 17th. The shares were purchased at an average cost of $1.36 per share, for a total transaction of $544,000.00. Following the acquisition, the insider now owns 51,401,580 shares in the company, valued at approximately $69,906,148.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Thursday, January 19th, Ares Management Llc purchased 300,000 shares of Clear Channel Outdoor stock. The stock was purchased at an average price of $1.33 per share, for a total transaction of $399,000.00.
• On Friday, January 13th, Ares Management Llc bought 330,000 shares of Clear Channel Outdoor stock. The shares were acquired at an average price of $1.39 per share, for a total transaction of $458,700.00.

Clear Channel Outdoor Price Performance

NYSE CCO opened at $1.51 on Friday. Clear Channel Outdoor Holdings, Inc. has a one year low of $0.91 and a one year high of $4.10. The firm has a market cap of $718.84 million, a P/E ratio of -5.39 and a beta of 2.28. The stock’s 50-day moving average is $1.12 and its 200-day moving average is $1.37.

Clear Channel Outdoor (NYSE:CCO – Get Rating) last announced its earnings results on Tuesday, November 8th. The business services provider reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.05). The business had revenue of $602.91 million for the quarter, compared to analysts’ expectations of $602.35 million. Equities analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.25 EPS for the current year.

Institutional Trading of Clear Channel Outdoor

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Clear Channel Outdoor by 2.9% during the third quarter. Vanguard Group Inc. now owns 42,561,409 shares of the business services provider’s stock worth $58,309,000 after buying an additional 1,212,809 shares during the period. State Street Corp boosted its position in Clear Channel Outdoor by 4.6% during the 2nd quarter. State Street Corp now owns 8,315,647 shares of the business services provider’s stock worth $8,898,000 after acquiring an additional 368,576 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Clear Channel Outdoor by 68.6% during the 2nd quarter. Franklin Resources Inc. now owns 7,329,745 shares of the business services provider’s stock worth $7,844,000 after acquiring an additional 2,982,276 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Clear Channel Outdoor by 34.6% in the second quarter. Millennium Management LLC now owns 5,512,304 shares of the business services provider’s stock valued at $5,898,000 after purchasing an additional 1,418,103 shares during the last quarter. Finally, Bardin Hill Management Partners LP lifted its position in shares of Clear Channel Outdoor by 5.2% in the second quarter. Bardin Hill Management Partners LP now owns 5,346,572 shares of the business services provider’s stock worth $5,721,000 after purchasing an additional 264,835 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CCO. Barrington Research lowered their target price on shares of Clear Channel Outdoor from $3.25 to $2.50 in a report on Wednesday, November 16th. StockNews.com began coverage on Clear Channel Outdoor in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Morgan Stanley decreased their target price on Clear Channel Outdoor from $2.00 to $1.50 and set an “equal weight” rating for the company in a research report on Wednesday, November 9th. Finally, Citigroup cut their price target on shares of Clear Channel Outdoor from $1.65 to $1.10 in a research report on Tuesday, November 22nd.

About Clear Channel Outdoor

(Get Rating)

Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures.