GABELLI & Co INVESTMENT ADVISERS INC. Acquires 705,280 Shares of Clear Channel Outdoor Holdings, Inc. $CCO

GABELLI & Co INVESTMENT ADVISERS INC. grew its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 1,282.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 760,280 shares of the business services provider’s stock after acquiring an additional 705,280 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in Clear Channel Outdoor were worth $1,802,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CCO. Captrust Financial Advisors bought a new stake in Clear Channel Outdoor in the fourth quarter valued at $27,000. EntryPoint Capital LLC purchased a new position in Clear Channel Outdoor during the 4th quarter valued at $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Clear Channel Outdoor in the 4th quarter worth $31,000. Sargent Investment Group LLC bought a new position in Clear Channel Outdoor in the 4th quarter worth $33,000. Finally, Transmarket Holdings LP purchased a new stake in shares of Clear Channel Outdoor in the 1st quarter worth about $36,000. Institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO opened at $2.42 on Friday. The company has a 50 day simple moving average of $2.40 and a two-hundred day simple moving average of $2.34. Clear Channel Outdoor Holdings, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.43. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -13.42 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $373.86 million during the quarter, compared to analysts’ expectations of $348.71 million. On average, analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CCO. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. TD Cowen reissued a “hold” rating and issued a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $2.29.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $2.40, for a total value of $6,002,160.00. Following the sale, the director directly owned 91,003 shares of the company’s stock, valued at approximately $218,407.20. The trade was a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 26,239,967 shares of company stock valued at $62,975,921 over the last 90 days. Insiders own 7.70% of the company’s stock.

Clear Channel Outdoor 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.