Los Angeles Capital Management LLC Makes New $121,000 Investment in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Los Angeles Capital Management LLC bought a new position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 45,670 shares of the business services provider’s stock, valued at approximately $121,000.

A number of other large investors also recently bought and sold shares of the business. Ares Management LLC grew its position in Clear Channel Outdoor by 17.2% in the 1st quarter. Ares Management LLC now owns 42,049,772 shares of the business services provider’s stock worth $75,690,000 after purchasing an additional 6,170,000 shares during the period. BlackRock Inc. grew its position in Clear Channel Outdoor by 14.0% in the 1st quarter. BlackRock Inc. now owns 17,634,550 shares of the business services provider’s stock worth $31,745,000 after purchasing an additional 2,163,819 shares during the period. Morgan Stanley grew its position in Clear Channel Outdoor by 23.3% in the 1st quarter. Morgan Stanley now owns 13,476,007 shares of the business services provider’s stock worth $24,256,000 after purchasing an additional 2,543,880 shares during the period. Legion Partners Asset Management LLC bought a new stake in Clear Channel Outdoor in the 1st quarter worth approximately $23,297,000. Finally, JPMorgan Chase & Co. grew its position in Clear Channel Outdoor by 4.6% in the 1st quarter. JPMorgan Chase & Co. now owns 8,410,022 shares of the business services provider’s stock worth $15,138,000 after purchasing an additional 370,291 shares during the period. 94.14% of the stock is owned by institutional investors and hedge funds.

CCO has been the subject of a number of recent research reports. boosted their price objective on shares of Clear Channel Outdoor from $2.20 to $2.50 and gave the company a “neutral” rating in a research report on Thursday, June 10th. 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. Zacks Investment Research downgraded shares of Clear Channel Outdoor from a “buy” rating to a “hold” rating in a research report on Tuesday, August 31st. Royal Bank of Canada raised shares of Clear Channel Outdoor to a “sector perform” rating in a research report on Friday, September 3rd. Finally, Citigroup lifted their target price on shares of Clear Channel Outdoor from $2.20 to $2.50 and gave the company a “neutral” rating in a research note on Thursday, June 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.68.

In other news, CAO Jason Dilger sold 23,006 shares of the company’s stock in a transaction dated Tuesday, August 3rd. The shares were sold at an average price of $2.49, for a total transaction of $57,284.94. Following the sale, the chief accounting officer now directly owns 201,029 shares in the company, valued at approximately $500,562.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.44% of the stock is currently owned by corporate insiders.

Shares of CCO stock opened at $2.47 on Wednesday. The stock has a market cap of $1.16 billion, a P/E ratio of -1.84 and a beta of 2.62. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.87 and a 52 week high of $3.05. The company’s fifty day simple moving average is $2.45 and its two-hundred day simple moving average is $2.35.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Thursday, July 29th. The business services provider reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The business had revenue of $531.08 million for the quarter, compared to analyst estimates of $496.49 million. On average, research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.75 EPS for the current fiscal year.

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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Institutional Ownership by Quarter for Clear Channel Outdoor (NYSE:CCO)

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