Renaissance Technologies LLC Sells 551,696 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Renaissance Technologies LLC reduced its position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Free Report) by 73.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 202,392 shares of the business services provider's stock after selling 551,696 shares during the period. Renaissance Technologies LLC's holdings in Clear Channel Outdoor were worth $285,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Cowen AND Company LLC bought a new stake in Clear Channel Outdoor in the 2nd quarter valued at about $120,000. Bank of New York Mellon Corp raised its stake in shares of Clear Channel Outdoor by 3.7% during the second quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider's stock valued at $1,983,000 after purchasing an additional 49,714 shares in the last quarter. AEGON USA Investment Management LLC raised its stake in shares of Clear Channel Outdoor by 53.4% during the second quarter. AEGON USA Investment Management LLC now owns 154,449 shares of the business services provider's stock valued at $218,000 after purchasing an additional 53,736 shares in the last quarter. Genesee Capital Advisors LLC acquired a new stake in Clear Channel Outdoor in the second quarter worth about $136,000. Finally, Assenagon Asset Management S.A. acquired a new position in Clear Channel Outdoor during the 2nd quarter valued at about $1,114,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Pacific Investment Management sold 46,959 shares of the stock in a transaction on 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 sale, the insider now owns 104,812,998 shares in the company, valued at $177,133,966.62. This represents 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 at this link. Corporate insiders own 1.53% of the company's stock.

Clear Channel Outdoor Trading Up 6.0 %

Shares of NYSE CCO traded up $0.09 during mid-day trading on Friday, reaching $1.59. The company had a trading volume of 3,919,777 shares, compared to its average volume of 2,025,100. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $1.04 and a 1-year high of $2.06. The stock has a market cap of $777.04 million, a PE ratio of -2.06 and a beta of 3.07. The company has a 50-day moving average price of $1.52 and a two-hundred day moving average price of $1.52.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $563.75 million. On average, research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.29 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.