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

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Rating) major shareholder Ares Management Llc purchased 730,000 shares of the firm’s stock in a transaction on Monday, January 23rd. The stock was acquired at an average price of $1.65 per share, for a total transaction of $1,204,500.00. Following the completion of the transaction, the insider now directly owns 53,631,580 shares of the company’s stock, valued at approximately $88,492,107. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s stock 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 acquired at an average price of $1.33 per share, for a total transaction of $399,000.00.
• On Tuesday, January 17th, Ares Management Llc acquired 400,000 shares of Clear Channel Outdoor stock. The stock was purchased at an average cost of $1.36 per share, with a total value of $544,000.00.
• On Friday, January 13th, Ares Management Llc acquired 330,000 shares of Clear Channel Outdoor stock. The stock was purchased at an average cost of $1.39 per share, with a total value of $458,700.00.

Clear Channel Outdoor Stock Performance

NYSE:CCO traded down $0.07 during trading hours on Tuesday, reaching $1.62. The stock had a trading volume of 4,756,123 shares, compared to its average volume of 2,841,082. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.91 and a 52 week high of $4.10. The company has a 50 day moving average price of $1.14 and a two-hundred day moving average price of $1.38. The stock has a market capitalization of $771.21 million, a PE ratio of -5.79 and a beta of 2.28.

Clear Channel Outdoor (NYSE:CCO – Get Rating) last released its quarterly earnings data on Tuesday, November 8th. The business services provider reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). The business had revenue of $602.91 million during the quarter, compared to analyst estimates of $602.35 million. Equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.25 EPS for the current year.

Institutional Trading of Clear Channel Outdoor

A number of large investors have recently added to or reduced their stakes in CCO. Dupont Capital Management Corp boosted its holdings in shares of Clear Channel Outdoor by 8.3% in the 2nd quarter. Dupont Capital Management Corp now owns 209,563 shares of the business services provider’s stock worth $224,000 after purchasing an additional 16,100 shares during the period. Wolverine Asset Management LLC boosted its holdings in shares of Clear Channel Outdoor by 62.7% in the 2nd quarter. Wolverine Asset Management LLC now owns 747,495 shares of the business services provider’s stock worth $799,000 after purchasing an additional 288,165 shares during the period. Bardin Hill Management Partners LP boosted its holdings in shares of Clear Channel Outdoor by 5.2% in the 2nd 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 during the period. Provident Investment Management Inc. boosted its holdings in shares of Clear Channel Outdoor by 28.3% in the 2nd quarter. Provident Investment Management Inc. now owns 50,073 shares of the business services provider’s stock worth $53,000 after purchasing an additional 11,050 shares during the period. Finally, Clearline Capital LP bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth approximately $501,000.

Wall Street Analyst Weigh In

CCO has been the subject of a number of analyst reports. StockNews.com initiated coverage on shares of Clear Channel Outdoor in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley reduced their price objective on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an “equal weight” rating for the company in a research note on Wednesday, November 9th. Citigroup cut their target price on shares of Clear Channel Outdoor from $1.65 to $1.10 in a research note on Tuesday, November 22nd. Finally, Barrington Research decreased their price target on shares of Clear Channel Outdoor from $3.25 to $2.50 in a research note on Wednesday, November 16th.

Clear Channel Outdoor Company Profile

(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.