Ares Management LLC Reduces Stake in Clear Channel Outdoor Holdings, Inc. $CCO

Ares Management LLC trimmed its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 26.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,197,491 shares of the business services provider’s stock after selling 14,631,555 shares during the quarter. Clear Channel Outdoor makes up approximately 2.5% of Ares Management LLC’s investment portfolio, making the stock its 5th biggest holding. Ares Management LLC owned about 8.28% of Clear Channel Outdoor worth $65,092,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new stake in Clear Channel Outdoor during the 3rd quarter valued at $1,501,000. Catalyst Funds Management Pty Ltd bought a new position in shares of Clear Channel Outdoor in the 2nd quarter worth $218,000. Gamco Investors INC. ET AL raised its position in shares of Clear Channel Outdoor by 16.1% in the 2nd quarter. Gamco Investors INC. ET AL now owns 6,992,175 shares of the business services provider’s stock worth $8,181,000 after acquiring an additional 968,225 shares in the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth $3,510,000. Finally, Squarepoint Ops LLC boosted its position in Clear Channel Outdoor by 4,516.1% during the second quarter. Squarepoint Ops LLC now owns 548,946 shares of the business services provider’s stock valued at $642,000 after purchasing an additional 537,054 shares in the last quarter. Institutional investors own 85.52% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on CCO shares. Wells Fargo & Company lifted their target price on Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a research note on Friday, February 27th. TD Cowen set a $2.50 price target on shares of Clear Channel Outdoor in a research report on Tuesday, February 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Clear Channel Outdoor currently has an average rating of “Reduce” and a consensus price target of $2.31.

Clear Channel Outdoor Trading Up 0.6%

Shares of NYSE:CCO opened at $2.39 on Friday. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $0.81 and a twelve month high of $2.43. The company has a market cap of $1.19 billion, a PE ratio of 47.71 and a beta of 2.30. The company’s 50 day moving average is $2.24 and its 200 day moving average is $1.91.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings data on Thursday, February 26th. The business services provider reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $461.52 million for the quarter, compared to analyst estimates of $449.10 million.

Clear Channel Outdoor Company 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.