Mackenzie Financial Corp Sells 48,793 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Mackenzie Financial Corp trimmed its position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 68.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,230 shares of the business services provider’s stock after selling 48,793 shares during the quarter. Mackenzie Financial Corp’s holdings in Clear Channel Outdoor were worth $31,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CCO. Gamco Investors INC. ET AL increased its position in shares of Clear Channel Outdoor by 21.7% during the first quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock worth $5,658,000 after purchasing an additional 610,500 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Clear Channel Outdoor during the 2nd quarter worth approximately $1,114,000. Gabelli Funds LLC increased its stake in Clear Channel Outdoor by 25.9% during the 2nd quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider’s stock valued at $4,040,000 after purchasing an additional 590,000 shares in the last quarter. Whitebox Advisors LLC purchased a new position in shares of Clear Channel Outdoor in the second quarter worth $2,287,000. Finally, Millennium Management LLC lifted its stake in shares of Clear Channel Outdoor by 44.0% during the second quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock worth $10,339,000 after buying an additional 2,242,205 shares during the period. 85.52% of the stock is currently owned by institutional investors.

Insider Activity at Clear Channel Outdoor

In other news, major shareholder Pacific Investment Management sold 46,959 shares of the firm’s stock in a transaction that occurred on 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.53% of the stock is owned by company insiders.

Clear Channel Outdoor Price Performance

Shares of Clear Channel Outdoor stock opened at $1.52 on Wednesday. The stock has a market cap of $742.83 million, a PE ratio of -1.97 and a beta of 3.07. The firm has a fifty day moving average price of $1.52 and a 200 day moving average price of $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 data on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The business had revenue of $558.54 million during the quarter, compared to analyst estimates of $563.75 million. As a group, equities analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.29 EPS for the current year.

Wall Street Analyst Weigh In

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

Clear Channel Outdoor 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.