2,500,000 Shares in Clear Channel Outdoor Holdings, Inc. $CCO Acquired by EVR Research LP

EVR Research LP acquired a new position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 2,500,000 shares of the business services provider’s stock, valued at approximately $3,950,000. Clear Channel Outdoor makes up about 2.4% of EVR Research LP’s investment portfolio, making the stock its 13th biggest position.

Several other large investors also recently added to or reduced their stakes in CCO. Sanders Morris Harris LLC purchased a new position in shares of Clear Channel Outdoor during the 3rd quarter worth $25,000. CWM LLC grew its holdings in shares of Clear Channel Outdoor by 97.9% in the third quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 8,248 shares during the period. Burney Co. purchased a new stake in shares of Clear Channel Outdoor in the third quarter valued at about $32,000. Advisors Capital Management LLC increased its position in Clear Channel Outdoor by 91.7% during the third quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock worth $36,000 after purchasing an additional 11,000 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in Clear Channel Outdoor during the third quarter worth about $45,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Clear Channel Outdoor Stock Performance

Shares of CCO stock opened at $2.38 on Friday. The firm has a market cap of $1.18 billion, a P/E ratio of 47.51 and a beta of 2.30. The firm’s 50 day moving average price is $2.24 and its 200-day moving average price is $1.90. Clear Channel Outdoor Holdings, Inc. has a one year low of $0.81 and a one year high of $2.43.

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

Wall Street Analysts Forecast Growth

CCO has been the topic of several recent analyst reports. TD Cowen set a $2.50 target price on shares of Clear Channel Outdoor in a report on Tuesday, February 10th. Zacks Research lowered shares of Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday, December 29th. Finally, Wells Fargo & Company increased their price objective on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $2.31.

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.