Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 28.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,624 shares of the business services provider’s stock after selling 10,299 shares during the period. Principal Financial Group Inc.’s holdings in Clear Channel Outdoor were worth $41,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of CCO. Ground Swell Capital LLC purchased a new position in shares of Clear Channel Outdoor in the third quarter valued at approximately $34,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Clear Channel Outdoor in the third quarter valued at approximately $34,000. Stratos Wealth Advisors LLC acquired a new stake in Clear Channel Outdoor during the 3rd quarter worth $40,000. Point72 DIFC Ltd acquired a new stake in shares of Clear Channel Outdoor during the second quarter worth about $55,000. Finally, XTX Topco Ltd lifted its stake in Clear Channel Outdoor by 28.4% in the second quarter. XTX Topco Ltd now owns 81,188 shares of the business services provider’s stock valued at $114,000 after buying an additional 17,957 shares during the last quarter. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CCO shares. Barrington Research reissued an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a report on Thursday, October 31st. TD Cowen cut their target price on Clear Channel Outdoor from $2.60 to $2.40 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Wells Fargo & Company downgraded shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $2.75 to $1.75 in a report on Thursday, September 19th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Clear Channel Outdoor has a consensus rating of “Hold” and an average price target of $2.16.

Insider Activity at Clear Channel Outdoor

In other news, major shareholder Arturo R. Moreno bought 250,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was acquired at an average price of $1.45 per share, for a total transaction of $362,500.00. Following the acquisition, the insider now owns 52,182,534 shares of the company’s stock, valued at $75,664,674.30. This trade represents a 0.48 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 7.20% of the company’s stock.

Clear Channel Outdoor Price Performance

Clear Channel Outdoor stock opened at $1.57 on Wednesday. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $1.26 and a 12-month high of $2.06. The firm’s 50-day moving average is $1.58 and its two-hundred day moving average is $1.53. The stock has a market capitalization of $767.86 million, a P/E ratio of -5.40 and a beta of 3.08.

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.