Readystate Asset Management LP Invests $4.21 Million in Clear Channel Outdoor Holdings, Inc. $CCO

Readystate Asset Management LP bought a new stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,738,070 shares of the business services provider’s stock, valued at approximately $4,206,000.

A number of other hedge funds have also recently modified their holdings of the stock. GTS Securities LLC acquired a new stake in Clear Channel Outdoor during the 2nd quarter worth $54,000. Glazer Capital LLC acquired a new position in Clear Channel Outdoor in the second quarter valued at $29,763,000. PenderFund Capital Management Ltd. purchased a new position in shares of Clear Channel Outdoor during the second quarter worth about $603,000. Bank of America Corp DE purchased a new position in shares of Clear Channel Outdoor during the second quarter worth about $1,014,000. Finally, Man Group plc acquired a new stake in shares of Clear Channel Outdoor during the second quarter worth about $12,056,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Clear Channel Outdoor

In related news, Director Raymond White sold 2,500,900 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the transaction, the director owned 91,003 shares of the company’s stock, valued at $218,407.20. This trade represents a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 26,239,967 shares of company stock valued at $62,975,921 over the last three months. 7.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, August 6th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Clear Channel Outdoor presently has a consensus rating of “Reduce” and a consensus price target of $2.29.

Clear Channel Outdoor Price Performance

Shares of Clear Channel Outdoor stock opened at $2.38 on Monday. The firm’s fifty day simple moving average is $2.40 and its 200-day simple moving average is $2.39. Clear Channel Outdoor Holdings, Inc. has a 12 month low of $1.24 and a 12 month high of $2.44. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -11.33 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $438.04 million for the quarter, compared to analyst estimates of $423.62 million. Analysts anticipate 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.