Bardin Hill Management Partners LP Cuts Stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Bardin Hill Management Partners LP lowered its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 19.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,759,815 shares of the business services provider’s stock after selling 666,761 shares during the quarter. Clear Channel Outdoor comprises about 1.6% of Bardin Hill Management Partners LP’s holdings, making the stock its 12th largest position. Bardin Hill Management Partners LP’s holdings in Clear Channel Outdoor were worth $3,891,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. CCG Wealth Management LLC acquired a new stake in Clear Channel Outdoor in the first quarter valued at approximately $46,000. Quadrature Capital Ltd purchased a new position in shares of Clear Channel Outdoor in the fourth quarter valued at $68,000. Point72 DIFC Ltd purchased a new stake in Clear Channel Outdoor during the 2nd quarter worth $55,000. XTX Topco Ltd lifted its holdings in 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 worth $114,000 after buying an additional 17,957 shares in the last quarter. Finally, Cowen AND Company LLC acquired a new position in Clear Channel Outdoor in the 2nd quarter worth $120,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Clear Channel Outdoor Price Performance

Shares of CCO stock opened at $1.53 on Wednesday. The firm has a market cap of $747.72 million, a P/E ratio of -1.99 and a beta of 3.07. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $1.04 and a 1-year high of $2.06. The firm has a fifty day moving average of $1.54 and a two-hundred day moving average of $1.52.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) EPS for the quarter, missing the consensus estimate 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. On average, sell-side analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.29 EPS for the current year.

Analyst Ratings Changes

CCO has been the topic of a number of analyst reports. Barrington Research reaffirmed an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a research report on Monday, August 12th. Wells Fargo & Company downgraded Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $2.75 to $1.75 in a report on Thursday, September 19th.

Insider Buying and Selling at Clear Channel Outdoor

In other news, major shareholder Pacific Investment Management sold 46,959 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $1.69, for a total value of $79,360.71. Following the transaction, the insider now directly owns 104,812,998 shares in the company, valued at approximately $177,133,966.62. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.53% of the stock is owned by insiders.

About Clear Channel Outdoor

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.