Zazove Associates LLC Sells 304,804 Shares of Clear Channel Outdoor Holdings, Inc. $CCO

Zazove Associates LLC decreased its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 19.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,225,000 shares of the business services provider’s stock after selling 304,804 shares during the quarter. Zazove Associates LLC’s holdings in Clear Channel Outdoor were worth $1,936,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of CCO. Sanders Morris Harris LLC bought a new stake in Clear Channel Outdoor in the third quarter worth $25,000. CWM LLC increased its position in Clear Channel Outdoor by 97.9% during the third quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 8,248 shares during the last quarter. Burney Co. purchased a new stake in shares of Clear Channel Outdoor in the third quarter valued at $32,000. Diversify Wealth Management LLC bought a new stake in shares of Clear Channel Outdoor in the 2nd quarter worth about $111,000. Finally, RBF Capital LLC bought a new stake in shares of Clear Channel Outdoor in the 2nd quarter worth about $152,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Price Performance

Shares of CCO stock opened at $2.25 on Monday. The company’s 50-day simple moving average is $1.95 and its two-hundred day simple moving average is $1.50. The company has a market capitalization of $1.12 billion, a P/E ratio of -224.50 and a beta of 2.27. Clear Channel Outdoor Holdings, Inc. has a one year low of $0.81 and a one year high of $2.26.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Thursday, November 6th. The business services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $405.64 million for the quarter, compared to the consensus estimate of $402.03 million.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CCO shares. TD Cowen upped their price target on shares of Clear Channel Outdoor from $2.50 to $2.80 and gave the company a “buy” rating in a report on Monday, October 20th. Zacks Research lowered Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 13th. Wall Street Zen cut Clear Channel Outdoor from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Morgan Stanley set a $2.00 price target on Clear Channel Outdoor in a research note on Monday, November 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday, December 22nd. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.32.

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.