Ares Management Llc Sells 13,000,000 Shares of Clear Channel Outdoor (NYSE:CCO) Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) major shareholder Ares Management Llc sold 13,000,000 shares of Clear Channel Outdoor stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $1.13, for a total transaction of $14,690,000.00. Following the sale, the insider owned 41,197,491 shares of the company’s stock, valued at approximately $46,553,164.83. This represents a 23.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Ares Management Llc also recently made the following trade(s):

• On Tuesday, September 9th, Ares Management Llc sold 1,631,555 shares of Clear Channel Outdoor stock. The stock was sold at an average price of $1.39, for a total transaction of $2,267,861.45.

Clear Channel Outdoor Price Performance

Shares of NYSE:CCO opened at $1.32 on Friday. Clear Channel Outdoor Holdings, Inc. has a one year low of $0.81 and a one year high of $1.77. The company has a 50 day moving average of $1.20 and a 200-day moving average of $1.14. The stock has a market cap of $653.57 million, a price-to-earnings ratio of 32.88 and a beta of 2.61.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings results on Tuesday, August 5th. The business services provider reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The business had revenue of $402.81 million for the quarter, compared to analyst estimates of $397.37 million. Clear Channel Outdoor has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CCO. Price T Rowe Associates Inc. MD lifted its stake in Clear Channel Outdoor by 7.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 376,987 shares of the business services provider’s stock valued at $518,000 after buying an additional 25,197 shares in the last quarter. Northern Trust Corp lifted its stake in Clear Channel Outdoor by 3.8% in the fourth quarter. Northern Trust Corp now owns 3,205,102 shares of the business services provider’s stock valued at $4,391,000 after buying an additional 117,516 shares in the last quarter. Bank of America Corp DE lifted its stake in Clear Channel Outdoor by 32.9% in the fourth quarter. Bank of America Corp DE now owns 1,374,918 shares of the business services provider’s stock valued at $1,884,000 after buying an additional 340,239 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Clear Channel Outdoor by 24.2% in the fourth quarter. Cubist Systematic Strategies LLC now owns 97,302 shares of the business services provider’s stock valued at $133,000 after buying an additional 18,958 shares in the last quarter. Finally, Graham Capital Management L.P. bought a new position in Clear Channel Outdoor in the fourth quarter valued at approximately $36,000. Institutional investors own 85.52% of the company’s stock.

Analyst Upgrades and Downgrades

CCO has been the topic of several recent analyst reports. Citigroup lifted their price objective on shares of Clear Channel Outdoor from $1.25 to $1.35 and gave the stock a “neutral” rating in a research note on Thursday. Barrington Research reissued a “market perform” rating on shares of Clear Channel Outdoor in a research note on Wednesday, July 23rd. Finally, Morgan Stanley set a $1.75 price objective on shares of Clear Channel Outdoor in a research note on Wednesday. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Clear Channel Outdoor presently has an average rating of “Hold” and an average price target of $1.95.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.