Millennium Management LLC Buys 2,242,205 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Millennium Management LLC grew its stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 44.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,332,360 shares of the business services provider's stock after purchasing an additional 2,242,205 shares during the quarter. Millennium Management LLC owned about 1.50% of Clear Channel Outdoor worth $10,339,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CCG Wealth Management LLC acquired a new stake in shares of Clear Channel Outdoor in the 1st quarter valued at approximately $46,000. Quadrature Capital Ltd acquired a new stake in shares of Clear Channel Outdoor in the 4th quarter valued at approximately $68,000. Point72 DIFC Ltd acquired a new stake in shares of Clear Channel Outdoor in the 2nd quarter valued at approximately $55,000. XTX Topco Ltd boosted its holdings in shares of Clear Channel Outdoor by 28.4% in the 2nd quarter. XTX Topco Ltd now owns 81,188 shares of the business services provider's stock valued at $114,000 after buying an additional 17,957 shares during the last quarter. Finally, Cowen AND Company LLC acquired a new stake in shares of Clear Channel Outdoor in the 2nd quarter valued at approximately $120,000. Institutional investors own 85.52% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Transactions at Clear Channel Outdoor

In related news, major shareholder Pacific Investment Management sold 46,959 shares of the business's stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $1.69, for a total value of $79,360.71. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.53% of the company's stock.

Clear Channel Outdoor Stock Up 1.3 %

Shares of CCO traded up $0.02 during midday trading on Tuesday, reaching $1.52. 895,196 shares of the stock were exchanged, compared to its average volume of 2,028,547. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $1.04 and a twelve month high of $2.06. The company has a market cap of $742.83 million, a P/E ratio of -1.97 and a beta of 3.07. The stock's 50 day simple moving average is $1.52 and its 200 day simple moving average is $1.52.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The firm had revenue of $558.54 million during the quarter, compared to the consensus estimate of $563.75 million. As a group, analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current year.

Clear Channel Outdoor 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.