Assenagon Asset Management S.A. Sells 671,455 Shares of Clear Channel Outdoor Holdings, Inc. $CCO

Assenagon Asset Management S.A. lessened its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 70.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 278,552 shares of the business services provider’s stock after selling 671,455 shares during the period. Assenagon Asset Management S.A.’s holdings in Clear Channel Outdoor were worth $616,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sanders Morris Harris LLC purchased a new stake in Clear Channel Outdoor in the 3rd quarter valued at about $25,000. CWM LLC increased its position in shares of Clear Channel Outdoor by 97.9% during the third quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock worth $26,000 after acquiring an additional 8,248 shares during the period. Burney Co. purchased a new position in shares of Clear Channel Outdoor during the third quarter worth approximately $32,000. Zacks Investment Management bought a new stake in shares of Clear Channel Outdoor during the third quarter valued at approximately $36,000. Finally, Advisors Capital Management LLC boosted its holdings in shares of Clear Channel Outdoor by 91.7% in the third quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 11,000 shares during the period. Institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Stock Up 0.2%

Shares of NYSE:CCO opened at $2.38 on Thursday. The firm has a 50 day moving average of $2.32 and a 200 day moving average of $2.01. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 47.51 and a beta of 2.26. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.81 and a 52 week high of $2.43.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $461.52 million during the quarter, compared to analysts’ expectations of $449.10 million.

Wall Street Analyst Weigh In

CCO has been the topic of several research analyst reports. TD Cowen set a $2.50 price objective on Clear Channel Outdoor in a research note on Tuesday, February 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Friday, March 27th. Finally, Wells Fargo & Company increased their price target on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Clear Channel Outdoor currently has a consensus rating of “Reduce” and a consensus target price of $2.31.

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.