Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Ares Management Llc Acquires 730,000 Shares of Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCOGet Rating) major shareholder Ares Management Llc bought 730,000 shares of the firm’s stock in a transaction dated Monday, January 23rd. The shares were acquired at an average cost of $1.65 per share, with a total value of $1,204,500.00. Following the completion of the transaction, the insider now owns 53,631,580 shares of the company’s stock, valued at $88,492,107. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

  • On Thursday, January 19th, Ares Management Llc bought 300,000 shares of Clear Channel Outdoor stock. The shares were acquired at an average cost of $1.33 per share, with a total value of $399,000.00.
  • On Tuesday, January 17th, Ares Management Llc bought 400,000 shares of Clear Channel Outdoor stock. The shares were acquired at an average cost of $1.36 per share, with a total value of $544,000.00.
  • On Friday, January 13th, Ares Management Llc bought 330,000 shares of Clear Channel Outdoor stock. The shares were acquired at an average cost of $1.39 per share, with a total value of $458,700.00.

Clear Channel Outdoor Stock Down 4.1 %

CCO opened at $1.62 on Wednesday. The stock has a market cap of $771.21 million, a price-to-earnings ratio of -5.79 and a beta of 2.28. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $0.91 and a twelve month high of $4.10. The company’s 50-day moving average price is $1.14 and its two-hundred day moving average price is $1.38.

Clear Channel Outdoor (NYSE:CCOGet Rating) last released its earnings results on Tuesday, November 8th. The business services provider reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates 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. As a group, sell-side analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CCO shares. Citigroup cut their price target on shares of Clear Channel Outdoor from $1.65 to $1.10 in a report on Tuesday, November 22nd. Barrington Research cut their price target on shares of Clear Channel Outdoor from $3.25 to $2.50 in a report on Wednesday, November 16th. StockNews.com started coverage on shares of Clear Channel Outdoor in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Morgan Stanley cut their price target on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an “equal weight” rating on the stock in a report on Wednesday, November 9th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC purchased a new stake in shares of Clear Channel Outdoor during the 1st quarter valued at approximately $35,000. Fifth Third Bancorp bought a new position in Clear Channel Outdoor in the 3rd quarter worth approximately $27,000. Covestor Ltd boosted its holdings in Clear Channel Outdoor by 12,212.4% in the 1st quarter. Covestor Ltd now owns 20,931 shares of the business services provider’s stock worth $72,000 after buying an additional 20,761 shares during the period. Parallax Volatility Advisers L.P. bought a new position in Clear Channel Outdoor in the 3rd quarter worth approximately $30,000. Finally, Metropolitan Life Insurance Co NY boosted its holdings in Clear Channel Outdoor by 67.9% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 22,697 shares of the business services provider’s stock worth $31,000 after buying an additional 9,181 shares during the period.

About Clear Channel Outdoor

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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.

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