Gabelli Funds LLC Increases Stock Position in Clear Channel Outdoor Holdings, Inc. $CCO

Gabelli Funds LLC grew its holdings in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 19.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,092,227 shares of the business services provider’s stock after purchasing an additional 673,227 shares during the quarter. Gabelli Funds LLC’s holdings in Clear Channel Outdoor were worth $9,699,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CCO. Benefit Street Partners LLC purchased a new stake in Clear Channel Outdoor in the 4th quarter valued at approximately $3,310,000. Gamco Investors INC. ET AL increased its position in Clear Channel Outdoor by 11.8% during the first quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock worth $21,533,000 after buying an additional 959,400 shares in the last quarter. Man Investment Partners US LP acquired a new position in shares of Clear Channel Outdoor in the fourth quarter worth $4,612,000. Sentinel Dome Partners LLC acquired a new position in shares of Clear Channel Outdoor in the fourth quarter worth $3,470,000. Finally, Occam Crest Management LP lifted its position in shares of Clear Channel Outdoor by 423.7% in the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider’s stock valued at $7,524,000 after acquiring an additional 2,754,300 shares in the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.

Clear Channel Outdoor Price Performance

Shares of CCO stock opened at $2.42 on Monday. The firm has a market cap of $1.23 billion, a P/E ratio of -13.42 and a beta of 1.95. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $1.00 and a 1-year high of $2.43. The firm’s 50-day simple moving average is $2.40 and its 200-day simple moving average is $2.34.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $373.86 million for the quarter, compared to analysts’ expectations of $348.71 million. Analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCO has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Wednesday, June 24th. TD Cowen restated a “hold” rating and issued a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $2.29.

Insider Buying and Selling at Clear Channel Outdoor

In other Clear Channel Outdoor news, Director Raymond T. White sold 23,435,796 shares of Clear Channel Outdoor stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total value of $56,245,910.40. Following the transaction, the director owned 187,371 shares in the company, valued at $449,690.40. This trade represents a 99.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 26,239,967 shares of company stock valued at $62,975,921. 7.20% of the stock is owned by company insiders.

Clear Channel Outdoor Profile

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.