Franklin Resources Inc. Trims Stock Position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Franklin Resources Inc. decreased its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 20.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,939,510 shares of the business services provider's stock after selling 1,002,943 shares during the period. Franklin Resources Inc. owned approximately 0.81% of Clear Channel Outdoor worth $6,106,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Crewe Advisors LLC purchased a new position in shares of Clear Channel Outdoor in the 3rd quarter valued at about $32,000. Ground Swell Capital LLC purchased a new position in Clear Channel Outdoor in the third quarter valued at about $34,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Clear Channel Outdoor during the 3rd quarter valued at approximately $34,000. Stratos Wealth Advisors LLC purchased a new stake in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $40,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth approximately $55,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Clear Channel Outdoor

In other news, major shareholder Arturo R. Moreno acquired 250,000 shares of Clear Channel Outdoor stock in a transaction that occurred on Monday, November 4th. The shares were acquired at an average price of $1.45 per share, with a total value of $362,500.00. Following the completion of the purchase, the insider now owns 52,182,534 shares of the company's stock, valued at approximately $75,664,674.30. This represents a 0.48 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.53% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. TD Cowen reduced their price objective on Clear Channel Outdoor from $2.60 to $2.40 and set a "buy" rating for the company in a report on Friday, November 1st. Barrington Research reaffirmed an "outperform" rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research note on Thursday, October 31st. Finally, Wells Fargo & Company lowered shares of Clear Channel Outdoor from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $2.75 to $1.75 in a research report on Thursday, September 19th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Clear Channel Outdoor currently has a consensus rating of "Hold" and a consensus target price of $2.16.

Clear Channel Outdoor Price Performance

Clear Channel Outdoor stock remained flat at $1.38 during mid-day trading on Monday. The company's stock had a trading volume of 1,140,191 shares, compared to its average volume of 1,897,924. Clear Channel Outdoor Holdings, Inc. has a one year low of $1.29 and a one year high of $2.06. The firm has a market cap of $674.93 million, a P/E ratio of -4.76 and a beta of 3.05. The firm has a 50-day moving average price of $1.55 and a 200 day moving average price of $1.53.

Clear Channel Outdoor Company Profile

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.