Zazove Associates LLC Decreases Stock Position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Zazove Associates LLC lowered its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 24.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,639,527 shares of the business services provider’s stock after selling 848,110 shares during the period. Zazove Associates LLC’s holdings in Clear Channel Outdoor were worth $4,804,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC purchased a new position in shares of Clear Channel Outdoor in the first quarter worth about $35,000. Optas LLC bought a new stake in shares of Clear Channel Outdoor in the third quarter worth about $27,000. Covestor Ltd grew its stake in shares of Clear Channel Outdoor by 12,212.4% in the first quarter. Covestor Ltd now owns 20,931 shares of the business services provider’s stock worth $72,000 after purchasing an additional 20,761 shares during the last quarter. Parallax Volatility Advisers L.P. bought a new stake in shares of Clear Channel Outdoor in the third quarter worth about $30,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of Clear Channel Outdoor in the third quarter worth about $42,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CCO. Morgan Stanley raised their target price on Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. Wells Fargo & Company raised Clear Channel Outdoor from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $1.50 to $2.75 in a research note on Wednesday, December 20th. StockNews.com raised Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research report on Friday, February 16th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a research report on Tuesday, February 27th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.16.

Clear Channel Outdoor Stock Performance

Shares of CCO traded down $0.03 during mid-day trading on Wednesday, reaching $1.43. The company had a trading volume of 1,197,550 shares, compared to its average volume of 2,419,636. The firm has a 50-day moving average price of $1.67 and a 200 day moving average price of $1.55. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.99 and a 52 week high of $2.06. The company has a market capitalization of $689.30 million, a price-to-earnings ratio of -2.19 and a beta of 2.88.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings data on Monday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $632.11 million during the quarter, compared to analysts’ expectations of $611.62 million. During the same quarter in the previous year, the firm earned $0.24 earnings per share. As a group, research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.24 earnings per share for the current fiscal 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.