Man Group plc Makes New $12.06 Million Investment in Clear Channel Outdoor Holdings, Inc. $CCO

Man Group plc acquired a new position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,981,976 shares of the business services provider’s stock, valued at approximately $12,056,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Clear Channel Outdoor by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock worth $234,000 after buying an additional 8,976 shares during the period. Millennium Management LLC increased its stake in Clear Channel Outdoor by 22.9% in the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock worth $5,432,000 after buying an additional 912,632 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Clear Channel Outdoor by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider’s stock valued at $7,927,000 after acquiring an additional 59,366 shares during the period. Russell Investments Group Ltd. raised its holdings in Clear Channel Outdoor by 2.7% during the second quarter. Russell Investments Group Ltd. now owns 561,802 shares of the business services provider’s stock valued at $657,000 after acquiring an additional 14,855 shares during the period. Finally, Jump Financial LLC purchased a new position in shares of Clear Channel Outdoor in the second quarter valued at about $587,000. 85.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the completion of the transaction, the director owned 91,003 shares of the company’s stock, valued at $218,407.20. This represents a 96.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 26,239,967 shares of company stock valued at $62,975,921. 7.70% of the stock is owned by insiders.

Clear Channel Outdoor Price Performance

Clear Channel Outdoor stock opened at $2.38 on Friday. The stock has a market cap of $1.21 billion, a P/E ratio of -11.36 and a beta of 1.95. Clear Channel Outdoor Holdings, Inc. has a 1 year low of $1.22 and a 1 year high of $2.44. The firm’s 50 day moving average price is $2.40 and its 200-day moving average price is $2.39.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The company had revenue of $438.04 million for the quarter, compared to the consensus estimate of $423.62 million. As a group, equities analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Clear Channel Outdoor currently has an average rating of “Reduce” and a consensus price target of $2.29.

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.