Legion Partners Asset Management LLC boosted its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Free Report) by 1.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,542,800 shares of the business services provider’s stock after buying an additional 250,000 shares during the period. Clear Channel Outdoor accounts for approximately 7.2% of Legion Partners Asset Management LLC’s portfolio, making the stock its 7th largest position. Legion Partners Asset Management LLC owned 4.30% of Clear Channel Outdoor worth $24,651,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of CCO. Sawgrass Asset Management LLC bought a new stake in shares of Clear Channel Outdoor during the first quarter valued at approximately $25,000. Parallax Volatility Advisers L.P. bought a new stake in shares of Clear Channel Outdoor during the third quarter valued at approximately $30,000. Ethos Financial Group LLC bought a new stake in shares of Clear Channel Outdoor during the fourth quarter valued at approximately $31,000. Raymond James & Associates increased its position in shares of Clear Channel Outdoor by 76.9% during the fourth quarter. Raymond James & Associates now owns 29,900 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 13,000 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Clear Channel Outdoor by 44.7% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 31,703 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 9,800 shares in the last quarter.
Analyst Ratings Changes
CCO has been the subject of several analyst reports. StockNews.com initiated coverage on shares of Clear Channel Outdoor in a research report on Thursday, August 17th. They set a “hold” rating for the company. Citigroup dropped their target price on shares of Clear Channel Outdoor from $1.50 to $1.40 and set a “neutral” rating on the stock in a report on Tuesday, August 29th. Finally, Barrington Research restated an “outperform” rating and issued a $2.50 target price on shares of Clear Channel Outdoor in a report on Monday, August 14th.
Clear Channel Outdoor Trading Down 1.0 %
CCO stock traded down $0.02 on Monday, hitting $1.42. The company had a trading volume of 643,427 shares, compared to its average volume of 2,610,699. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $0.95 and a 12-month high of $2.14. The stock’s 50-day simple moving average is $1.53 and its 200 day simple moving average is $1.35. The stock has a market cap of $683.32 million, a price-to-earnings ratio of -71.50 and a beta of 2.56.
Clear Channel Outdoor (NYSE:CCO – Get Free Report) last issued its earnings results on Monday, August 7th. The business services provider reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The company had revenue of $637.20 million for the quarter, compared to the consensus estimate of $636.37 million. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.04) EPS. Research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.35 earnings per share for the current year.
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, Europe-South, and Other segments. The company offers 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, newsracks, and other public structures; transit displays, which are advertising surfaces within the common areas of rail stations and on various types of vehicles; and airport advertising displays.
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