Glazer Capital LLC Makes New $29.76 Million Investment in Clear Channel Outdoor Holdings, Inc. $CCO

Glazer Capital LLC purchased a new stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 12,298,891 shares of the business services provider’s stock, valued at approximately $29,763,000. Clear Channel Outdoor makes up approximately 0.7% of Glazer Capital LLC’s portfolio, making the stock its 24th largest position.

Several other large investors have also modified their holdings of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Clear Channel Outdoor by 109.4% during the first quarter. Dimensional Fund Advisors LP now owns 899,187 shares of the business services provider’s stock valued at $2,131,000 after purchasing an additional 469,876 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Clear Channel Outdoor by 11.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock valued at $21,533,000 after purchasing an additional 959,400 shares during the period. Capula Management Ltd purchased a new position in Clear Channel Outdoor in the 1st quarter worth about $2,200,000. GABELLI & Co INVESTMENT ADVISERS INC. increased its stake in Clear Channel Outdoor by 1,282.3% in the 1st quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 760,280 shares of the business services provider’s stock worth $1,802,000 after purchasing an additional 705,280 shares in the last quarter. Finally, Sentinel Dome Partners LLC acquired a new stake in Clear Channel Outdoor during the 4th quarter worth about $3,470,000. 85.52% of the stock is owned by institutional investors.

Clear Channel Outdoor Stock Performance

NYSE CCO opened at $2.38 on Friday. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $1.22 and a twelve month high of $2.44. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -11.36 and a beta of 1.95. The firm’s 50 day moving average price is $2.40 and its two-hundred day moving average price is $2.39.

Clear Channel Outdoor (NYSE:CCO) last announced its earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $438.04 million for the quarter, compared to analyst estimates of $423.62 million. On average, research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, August 6th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Clear Channel Outdoor currently has an average rating of “Reduce” and a consensus 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 firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the completion of the sale, the director directly owned 91,003 shares in the company, valued at approximately $218,407.20. This trade represents a 96.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 26,239,967 shares of company stock worth $62,975,921. Company 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.