Cove Street Capital LLC Increases Stake in Clear Channel Outdoor Holdings, Inc. $CCO

Cove Street Capital LLC raised its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 59.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,642,567 shares of the business services provider’s stock after acquiring an additional 615,451 shares during the period. Clear Channel Outdoor makes up 3.4% of Cove Street Capital LLC’s holdings, making the stock its 7th largest position. Cove Street Capital LLC owned 0.33% of Clear Channel Outdoor worth $2,595,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Assenagon Asset Management S.A. acquired a new position in Clear Channel Outdoor in the third quarter valued at about $1,501,000. Catalyst Funds Management Pty Ltd acquired a new position in shares of Clear Channel Outdoor during the 2nd quarter worth about $218,000. Gamco Investors INC. ET AL grew its position in shares of Clear Channel Outdoor by 16.1% during the 2nd quarter. Gamco Investors INC. ET AL now owns 6,992,175 shares of the business services provider’s stock worth $8,181,000 after buying an additional 968,225 shares during the period. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Clear Channel Outdoor in the 2nd quarter valued at about $3,510,000. Finally, Squarepoint Ops LLC increased its stake in shares of Clear Channel Outdoor by 4,516.1% in the 2nd quarter. Squarepoint Ops LLC now owns 548,946 shares of the business services provider’s stock valued at $642,000 after acquiring an additional 537,054 shares during the last quarter. Institutional investors and hedge funds own 85.52% of the company’s stock.

Clear Channel Outdoor Stock Performance

NYSE:CCO opened at $2.39 on Friday. Clear Channel Outdoor Holdings, Inc. has a 52-week low of $0.81 and a 52-week high of $2.43. The company has a market cap of $1.19 billion, a P/E ratio of 47.71 and a beta of 2.30. The stock’s 50-day simple moving average is $2.24 and its 200 day simple moving average is $1.91.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on CCO shares. TD Cowen set a $2.50 price objective on shares of Clear Channel Outdoor in a research note on Tuesday, February 10th. Wells Fargo & Company upped their target price on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Clear Channel Outdoor presently has a consensus rating of “Reduce” and an average target price of $2.31.

Clear Channel Outdoor Profile

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.