Victory Capital Management Inc. Reduces Stock Holdings in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Victory Capital Management Inc. lessened its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 5.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 720,100 shares of the business services provider’s stock after selling 38,334 shares during the quarter. Victory Capital Management Inc. owned about 0.15% of Clear Channel Outdoor worth $1,015,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CCO. Price T Rowe Associates Inc. MD raised its stake in shares of Clear Channel Outdoor by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 322,600 shares of the business services provider’s stock valued at $534,000 after purchasing an additional 17,901 shares during the period. Russell Investments Group Ltd. grew its holdings in Clear Channel Outdoor by 8.6% during the 1st quarter. Russell Investments Group Ltd. now owns 290,550 shares of the business services provider’s stock valued at $479,000 after purchasing an additional 23,067 shares in the last quarter. CCG Wealth Management LLC acquired a new position in Clear Channel Outdoor in the 1st quarter worth $46,000. Quadrature Capital Ltd acquired a new position in Clear Channel Outdoor in the 4th quarter worth $68,000. Finally, Bank of New York Mellon Corp boosted its position in Clear Channel Outdoor by 3.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider’s stock valued at $1,983,000 after buying an additional 49,714 shares during the last quarter. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Price Performance

Shares of CCO stock opened at $1.65 on Friday. The firm has a fifty day moving average of $1.55 and a two-hundred day moving average of $1.53. The firm has a market cap of $806.37 million, a P/E ratio of -2.14 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.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The company had revenue of $558.54 million during the quarter, compared to analyst estimates 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.

Insider Transactions at Clear Channel Outdoor

In related news, major shareholder Pacific Investment Management sold 46,959 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $1.69, for a total transaction of $79,360.71. Following the sale, the insider now directly owns 104,812,998 shares of the company’s stock, valued at approximately $177,133,966.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.53% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CCO. Wells Fargo & Company downgraded Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $2.75 to $1.75 in a research note on Thursday. Barrington Research restated an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a report on Monday, August 12th.

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.