Clear Channel Outdoor Holdings, Inc. $CCO Shares Purchased by Contrarian Capital Management L.L.C.

Contrarian Capital Management L.L.C. grew its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 73.6% during the third quarter, Holdings Channel reports. The firm owned 2,521,871 shares of the business services provider’s stock after acquiring an additional 1,069,257 shares during the quarter. Clear Channel Outdoor comprises 1.0% of Contrarian Capital Management L.L.C.’s portfolio, making the stock its 12th largest holding. Contrarian Capital Management L.L.C.’s holdings in Clear Channel Outdoor were worth $3,985,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Sanders Morris Harris LLC acquired a new position in shares of Clear Channel Outdoor in the 3rd quarter valued at about $25,000. CWM LLC raised its stake in Clear Channel Outdoor by 97.9% during the third quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock worth $26,000 after acquiring an additional 8,248 shares during the period. Burney Co. bought a new position in Clear Channel Outdoor in the third quarter worth about $32,000. Advisors Capital Management LLC lifted its holdings in Clear Channel Outdoor by 91.7% in the third quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock worth $36,000 after acquiring an additional 11,000 shares during the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in Clear Channel Outdoor in the third quarter valued at approximately $45,000. 85.52% of the stock is currently owned by institutional investors.

Clear Channel Outdoor Trading Down 0.2%

NYSE CCO opened at $2.37 on Thursday. The company has a 50-day moving average price of $2.23 and a two-hundred day moving average price of $1.90. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.81 and a 52 week high of $2.43. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 47.31 and a beta of 2.30.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $461.52 million for the quarter, compared to the consensus estimate of $449.10 million.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CCO shares. TD Cowen set a $2.50 target price on Clear Channel Outdoor in a report on Tuesday, February 10th. Wells Fargo & Company raised their price target on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Monday, December 29th. Finally, Zacks Research lowered Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 13th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $2.31.

About Clear Channel Outdoor

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.