PenderFund Capital Management Ltd. Buys Shares of 249,097 Clear Channel Outdoor Holdings, Inc. $CCO

PenderFund Capital Management Ltd. purchased a new stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 249,097 shares of the business services provider’s stock, valued at approximately $603,000.

A number of other hedge funds have also modified their holdings of CCO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Clear Channel Outdoor by 4.4% during 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 purchasing an additional 8,976 shares during the last quarter. Millennium Management LLC lifted its position in Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock valued at $5,432,000 after buying an additional 912,632 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Clear Channel Outdoor by 0.9% in 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 buying an additional 59,366 shares during the last quarter. Russell Investments Group Ltd. boosted its stake 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 worth $657,000 after buying an additional 14,855 shares during the period. Finally, Jump Financial LLC purchased a new position in Clear Channel Outdoor during the second quarter worth about $587,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, August 6th. Four 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, Clear Channel Outdoor has an average rating of “Reduce” and an average target price of $2.29.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 23,435,796 shares of Clear Channel Outdoor stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total value of $56,245,910.40. Following the completion of the transaction, the director directly owned 187,371 shares of the company’s stock, valued at $449,690.40. The trade was a 99.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 26,239,967 shares of company stock worth $62,975,921. Company insiders own 7.70% of the company’s stock.

Clear Channel Outdoor Stock Down 0.6%

CCO opened at $2.38 on Friday. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $1.22 and a 52 week high of $2.44. The business has a fifty day simple moving average of $2.40 and a 200-day simple moving average of $2.39. The firm has a market cap of $1.21 billion, a P/E ratio of -11.36 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings data on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The firm had revenue of $438.04 million during the quarter, compared to analyst estimates of $423.62 million. Sell-side analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current year.

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.