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

Zazove Associates LLC cut its position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 19.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,225,000 shares of the business services provider’s stock after selling 304,804 shares during the period. Zazove Associates LLC owned about 0.25% of Clear Channel Outdoor worth $1,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of the company. Catalyst Funds Management Pty Ltd purchased a new stake in Clear Channel Outdoor in the 2nd quarter worth $218,000. Gamco Investors INC. ET AL lifted its position in shares of Clear Channel Outdoor by 16.1% in the second quarter. Gamco Investors INC. ET AL now owns 6,992,175 shares of the business services provider’s stock valued at $8,181,000 after acquiring an additional 968,225 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Clear Channel Outdoor in the second quarter worth about $579,000. Assenagon Asset Management S.A. purchased a new stake in shares of Clear Channel Outdoor during the third quarter worth about $1,501,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Clear Channel Outdoor during the 2nd quarter valued at approximately $3,510,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Stock Performance

CCO stock opened at $2.25 on Monday. The firm has a fifty day moving average price of $1.95 and a 200 day moving average price of $1.50. Clear Channel Outdoor Holdings, Inc. has a fifty-two week low of $0.81 and a fifty-two week high of $2.26. The firm has a market cap of $1.12 billion, a PE ratio of -224.50 and a beta of 2.27.

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

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wall Street Zen downgraded Clear Channel Outdoor from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. TD Cowen boosted their target price on shares of Clear Channel Outdoor from $2.50 to $2.80 and gave the stock a “buy” rating in a report on Monday, October 20th. UBS Group set a $2.50 target price on shares of Clear Channel Outdoor in a research report on Thursday, September 25th. Cowen reaffirmed a “buy” rating on shares of Clear Channel Outdoor in a research note on Monday, October 20th. Finally, Morgan Stanley set a $2.00 price target on shares of Clear Channel Outdoor in a research note on Monday, November 10th. Two equities research analysts have 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. Based on data from MarketBeat, Clear Channel Outdoor has a consensus rating of “Hold” and a consensus price target of $2.32.

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.