Ares Management LLC lifted its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 5.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,374,772 shares of the business services provider’s stock after acquiring an additional 2,325,000 shares during the period. Clear Channel Outdoor accounts for approximately 4.1% of Ares Management LLC’s holdings, making the stock its 4th biggest position. Ares Management LLC owned approximately 9.42% of Clear Channel Outdoor worth $117,149,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of CCO. Profund Advisors LLC acquired a new position in Clear Channel Outdoor in the second quarter worth approximately $28,000. Mackenzie Financial Corp bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth $33,000. Cambridge Investment Research Advisors Inc. raised its position in shares of Clear Channel Outdoor by 44.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 14,400 shares of the business services provider’s stock worth $26,000 after purchasing an additional 4,400 shares during the period. Capula Management Ltd acquired a new stake in Clear Channel Outdoor during the 1st quarter worth about $33,000. Finally, Xponance Inc. purchased a new stake in Clear Channel Outdoor during the second quarter valued at about $52,000. Institutional investors and hedge funds own 94.14% of the company’s stock.
Shares of Clear Channel Outdoor stock traded up $0.01 during midday trading on Thursday, reaching $2.73. 17,268 shares of the company’s stock traded hands, compared to its average volume of 3,080,404. The company has a market cap of $1.29 billion, a price-to-earnings ratio of -2.03 and a beta of 2.62. The company’s 50 day simple moving average is $2.55 and its 200 day simple moving average is $2.45. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.87 and a 52 week high of $3.13.
Several equities analysts have weighed in on the stock. Royal Bank of Canada upgraded shares of Clear Channel Outdoor to a “sector perform” rating in a research report on Friday, September 3rd. Zacks Investment Research lowered Clear Channel Outdoor from a “buy” rating to a “hold” rating in a research report on Tuesday, August 31st. TD Securities raised Clear Channel Outdoor to a “buy” rating in a research note on Tuesday, September 28th. Finally, Morgan Stanley boosted their price objective on shares of Clear Channel Outdoor from $3.00 to $3.15 and gave the company an “equal weight” rating in a research report on Friday, July 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2.68.
In related news, CAO Jason Dilger sold 23,006 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 201,029 shares in the company, valued at approximately $500,562.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.44% of the company’s stock.
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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