Point72 Asia Singapore Pte. Ltd. Boosts Stock Position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Point72 Asia Singapore Pte. Ltd. grew its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 622.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,248 shares of the business services provider’s stock after purchasing an additional 83,778 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Clear Channel Outdoor were worth $137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in CCO. CCG Wealth Management LLC purchased a new stake in Clear Channel Outdoor in the 1st quarter valued at $46,000. Quadrature Capital Ltd acquired a new position in shares of Clear Channel Outdoor during the 4th quarter valued at about $68,000. Point72 DIFC Ltd purchased a new stake in shares of Clear Channel Outdoor in the second quarter valued at about $55,000. XTX Topco Ltd raised its stake in Clear Channel Outdoor by 28.4% during the second quarter. XTX Topco Ltd now owns 81,188 shares of the business services provider’s stock worth $114,000 after purchasing an additional 17,957 shares during the period. Finally, Cowen AND Company LLC purchased a new position in Clear Channel Outdoor during the second quarter worth about $120,000. Institutional investors and hedge funds own 85.52% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Barrington Research restated an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a report on Monday, August 12th. Wells Fargo & Company cut Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $2.75 to $1.75 in a research note 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 stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $1.69, for a total transaction of $79,360.71. Following the sale, the insider now owns 104,812,998 shares of the company’s stock, valued at $177,133,966.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.53% of the stock is currently owned by corporate insiders.

Clear Channel Outdoor Stock Performance

Clear Channel Outdoor stock opened at $1.51 on Friday. The company has a market capitalization of $735.50 million, a price-to-earnings ratio of -1.95 and a beta of 3.07. The company’s 50 day simple moving average is $1.53 and its 200-day simple moving average is $1.52. Clear Channel Outdoor Holdings, Inc. has a 1 year low of $1.04 and a 1 year high of $2.06.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly 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 analyst estimates of $563.75 million. Equities analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current year.

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.