Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Ares Management Llc Buys 200,000 Shares

Ares Management Llc, major shareholder of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Rating), purchased 200,000 shares of the company in a transaction dated Wednesday, September 28. The shares were purchased at an average cost of $1.40 per share, for a total transaction of $280,000.00. Following the purchase, the insider now directly owns 48,271,580 shares of the company, valued at approximately $67,580,212. The acquisition was disclosed in a document filed with the SEC, accessible via this hyperlink. Large shareholders who hold more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

  • On Monday, September 26, Ares Management Llc purchased 200,000 shares of Clear Channel Outdoor. The shares were purchased at an average cost of $1.35 per share, for a total transaction of $270,000.00.

Clear Channel Outdoor Stock down 1.4%

Clear Channel Outdoor stock was down $0.02 during Friday trading hours, hitting $1.37. The stock recorded a trading volume of 1,591,929 shares, compared to an average volume of 2,826,817 shares. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $0.91 and a 12-month high of $4.10. The stock’s 50-day moving average price is $1.61 and its 200-day moving average price is $1.98.

Clear Channel Outdoor (NYSE:CCO – Get Rating) last released quarterly earnings data on Tuesday, August 9. The business services provider reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. The company posted revenue of $643.38 million for the quarter, compared to $642.09 million expected by analysts. On average, analysts expect Clear Channel Outdoor Holdings, Inc. to post -0.15 EPS for the current fiscal year.

Analysts set new price targets

CCO has been the subject of several research reports. Citigroup lowered its price target on Clear Channel Outdoor shares from $1.65 to $1.25 and set a “neutral” rating on the stock in a Thursday, July 7 research note. Cowen lowered his price target on shares of Clear Channel Outdoor to $3.50 in a Monday, August 15 research note. Morgan Stanley lowered its price target on Clear Channel Outdoor shares from $2.15 to $2.00 and set an “equal weight” rating on the stock in a Wednesday, Aug. 10 research note. Finally, Wells Fargo & Company downgraded shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and lowered its price target for the stock from $4.00 to $1.50 in a research note from Friday, July 8. Five analysts rated the stock with a hold rating and one gave the company a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.33.

Institutional entries and exits

Several hedge funds have recently changed their positions in CCO. Sequoia Financial Advisors LLC bought a new stock position in Clear Channel Outdoor during the first quarter, valued at around $35,000. Wealth Advisors of Iowa LLC purchased a new stake in Clear Channel Outdoor during the first quarter valued at approximately $42,000. Virtu Financial LLC acquired a new stake in Clear Channel Outdoor during the second quarter worth approximately $43,000. Sciencast Management LP acquired a new stake in Clear Channel Outdoor during the first quarter worth approximately $45,000. Finally, Eudaimonia Advisors LLC bought a new position in shares of Clear Channel Outdoor in the fourth quarter for a value of approximately $48,000. 96.70% of the shares are held by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile

(Get a rating)

Clear Channel Outdoor Holdings, Inc. owns, operates and sells display advertising in the United States and around the world. It operates through two segments, the Americas and Europe. The company offers advertising services through billboards, including newsletters 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 custom display structures that incorporate video, multi-dimensional letters and numbers, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or hangs from the sides of buildings or other structures.

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