Clear Channel Outdoor Holdings, Inc. $CCO Shares Sold by CastleKnight Management LP

CastleKnight Management LP cut its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 35.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,425,708 shares of the business services provider’s stock after selling 1,338,000 shares during the period. CastleKnight Management LP’s holdings in Clear Channel Outdoor were worth $5,361,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Captrust Financial Advisors acquired a new position in shares of Clear Channel Outdoor during the fourth quarter worth approximately $27,000. EntryPoint Capital LLC bought a new stake in Clear Channel Outdoor during the fourth quarter worth approximately $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Clear Channel Outdoor during the fourth quarter worth approximately $31,000. Sargent Investment Group LLC bought a new stake in Clear Channel Outdoor during the fourth quarter worth approximately $33,000. Finally, Amundi bought a new stake in Clear Channel Outdoor during the fourth quarter worth approximately $36,000. 85.52% of the stock is currently owned by institutional investors and hedge funds.

Clear Channel Outdoor Stock Down 0.2%

Shares of NYSE:CCO opened at $2.41 on Thursday. The company’s fifty day moving average is $2.39 and its two-hundred day moving average is $2.28. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $1.00 and a 12-month high of $2.43. The company has a market cap of $1.22 billion, a P/E ratio of -13.36 and a beta of 1.96.

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

Insider Transactions at Clear Channel Outdoor

In related news, Director Raymond T. White sold 2,500,900 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $2.40, for a total value 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 represents a 96.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 26,239,967 shares of company stock valued at $62,975,921 in the last three months. Corporate insiders own 7.70% of the company’s stock.

Analysts Set New Price Targets

CCO has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a report on Friday, February 27th. TD Cowen reissued a “hold” rating and set a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Friday, March 27th. Five equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Clear Channel Outdoor currently has a consensus rating of “Reduce” and a consensus target price 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.