140 Summer Partners LP Acquires Shares of 3,984,413 Clear Channel Outdoor Holdings, Inc. $CCO

140 Summer Partners LP acquired a new stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 3,984,413 shares of the business services provider’s stock, valued at approximately $8,806,000. Clear Channel Outdoor accounts for 0.7% of 140 Summer Partners LP’s portfolio, making the stock its 18th biggest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Alberta Investment Management Corp acquired a new stake in shares of Clear Channel Outdoor in the 4th quarter valued at $884,000. OMERS ADMINISTRATION Corp bought a new position in shares of Clear Channel Outdoor in the fourth quarter valued at about $502,000. Occam Crest Management LP grew its stake in shares of Clear Channel Outdoor by 423.7% during the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider’s stock valued at $7,524,000 after purchasing an additional 2,754,300 shares during the last quarter. Sargent Investment Group LLC bought a new position in Clear Channel Outdoor in the 4th quarter valued at $33,000. Finally, Marshall Wace LLP acquired a new stake in shares of Clear Channel Outdoor in the 4th quarter valued at $5,925,000. Institutional investors own 85.52% of the company’s stock.

Insiders Place Their Bets

In other news, Director Raymond T. White sold 23,435,796 shares of Clear Channel Outdoor stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the transaction, the director directly owned 187,371 shares of the company’s stock, valued at $449,690.40. This trade represents a 99.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 7.20% of the company’s stock.

Clear Channel Outdoor Trading Up 0.2%

Clear Channel Outdoor stock opened at $2.41 on Wednesday. The firm has a market capitalization of $1.22 billion, a P/E ratio of -13.36 and a beta of 1.96. The business has a 50-day moving average of $2.39 and a 200-day moving average of $2.28. Clear Channel Outdoor Holdings, Inc. has a 1 year low of $1.00 and a 1 year high of $2.43.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $373.86 million for the quarter, compared to analyst estimates of $348.71 million. Research analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Friday, March 27th. Wells Fargo & Company lifted their price objective 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. Finally, TD Cowen restated a “hold” rating and set a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a research report on Monday, April 6th. Five research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $2.29.

About Clear Channel Outdoor

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.