Los Angeles Capital Management LLC Purchases New Shares in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Los Angeles Capital Management LLC bought a new stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) during the 2nd quarter, HoldingsChannel reports. The firm bought 45,670 shares of the business services provider’s stock, valued at approximately $121,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. grew its position in shares of Clear Channel Outdoor by 44.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 14,400 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 4,400 shares during the period. Capula Management Ltd acquired a new stake in shares of Clear Channel Outdoor in the first quarter valued at about $33,000. Centiva Capital LP grew its position in shares of Clear Channel Outdoor by 32.1% in the first quarter. Centiva Capital LP now owns 22,515 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 5,468 shares during the period. Close Asset Management Ltd acquired a new stake in shares of Clear Channel Outdoor in the first quarter valued at about $52,000. Finally, Cannon Global Investment Management LLC purchased a new position in shares of Clear Channel Outdoor in the first quarter worth about $59,000. Institutional investors and hedge funds own 94.14% of the company’s stock.

Shares of CCO stock opened at $2.47 on Wednesday. The firm’s 50-day moving average is $2.45 and its two-hundred day moving average is $2.35. Clear Channel Outdoor Holdings, Inc. has a 12 month low of $0.87 and a 12 month high of $3.05. The company has a market capitalization of $1.16 billion, a PE ratio of -1.84 and a beta of 2.62.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Thursday, July 29th. The business services provider reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The business had revenue of $531.08 million for the quarter, compared to the consensus estimate of $496.49 million. As a group, analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.75 earnings per share for the current fiscal year.

Several research firms have recently weighed in on CCO. Royal Bank of Canada raised shares of Clear Channel Outdoor to a “sector perform” rating in a research note on Friday, September 3rd. Zacks Investment Research downgraded shares of Clear Channel Outdoor from a “buy” rating to a “hold” rating in a research note on Tuesday, August 31st. raised their price target on shares of Clear Channel Outdoor from $2.20 to $2.50 and gave the stock a “neutral” rating in a research note on Thursday, June 10th. Citigroup raised their price target on shares of Clear Channel Outdoor from $2.20 to $2.50 and gave the stock a “neutral” rating in a research note on Thursday, June 10th. Finally, Morgan Stanley raised their price target on shares of Clear Channel Outdoor from $3.00 to $3.15 and gave the stock an “equal weight” rating in a research note on Friday, July 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.68.

In other news, CAO Jason Dilger sold 23,006 shares of the business’s stock in a transaction that occurred on Tuesday, August 3rd. The shares were sold at an average price of $2.49, for a total value of $57,284.94. Following the sale, the chief accounting officer now directly owns 201,029 shares of the company’s stock, valued at approximately $500,562.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.44% of the stock is currently owned by insiders.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc provides outdoor advertising solutions. It operates through Americas Outdoor Advertising and International Outdoor Advertising segments. The Americas Outdoor Advertising segment consists of operations primarily in the U.S. The International Outdoor Advertising segment consists of operations primarily in Europe, Asia and Latin America.

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Institutional Ownership by Quarter for Clear Channel Outdoor (NYSE:CCO)

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