CarsonAllaria Wealth Management Ltd. Invests $34,000 in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 21,363 shares of the business services provider’s stock, valued at approximately $34,000.

Several other large investors also recently added to or reduced their stakes in the business. Millennium Management LLC raised its holdings in shares of Clear Channel Outdoor by 44.0% during the 2nd quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock valued at $10,339,000 after purchasing an additional 2,242,205 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in Clear Channel Outdoor by 21.7% during the first quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock valued at $5,658,000 after buying an additional 610,500 shares in the last quarter. Gabelli Funds LLC lifted its position in shares of Clear Channel Outdoor by 25.9% in the second quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider’s stock worth $4,040,000 after buying an additional 590,000 shares during the last quarter. Whitebox Advisors LLC bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth about $2,287,000. Finally, Bank of New York Mellon Corp lifted its holdings in Clear Channel Outdoor by 3.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider’s stock worth $1,983,000 after purchasing an additional 49,714 shares during the last quarter. 85.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CCO. Barrington Research reaffirmed an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a report on Monday, August 12th. Wells Fargo & Company cut Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $2.75 to $1.75 in a research report on Thursday, September 19th.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO traded down $0.01 during trading on Monday, reaching $1.57. The company had a trading volume of 351,610 shares, compared to its average volume of 1,982,089. The stock has a market cap of $767.27 million, a PE ratio of -2.05 and a beta of 3.07. The business’s 50 day moving average price is $1.54 and its 200-day moving average price is $1.52. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $1.04 and a 52 week high of $2.06.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $558.54 million during the quarter, compared to the consensus estimate of $563.75 million. Equities analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current year.

Insider Activity

In other news, major shareholder Pacific Investment Management sold 46,959 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $1.69, for a total value of $79,360.71. Following the sale, the insider now owns 104,812,998 shares of the company’s stock, valued at $177,133,966.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.53% of the company’s stock.

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.