PenderFund Capital Management Ltd. Purchases Shares of 249,097 Clear Channel Outdoor Holdings, Inc. $CCO

PenderFund Capital Management Ltd. purchased a new position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 249,097 shares of the business services provider’s stock, valued at approximately $603,000.

A number of other large investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Clear Channel Outdoor by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock worth $234,000 after acquiring an additional 8,976 shares during the period. Millennium Management LLC boosted its holdings in Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock valued at $5,432,000 after purchasing an additional 912,632 shares during the period. JPMorgan Chase & Co. grew its stake in Clear Channel Outdoor by 0.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider’s stock worth $7,927,000 after purchasing an additional 59,366 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Clear Channel Outdoor by 2.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 561,802 shares of the business services provider’s stock worth $657,000 after purchasing an additional 14,855 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in Clear Channel Outdoor during the 2nd quarter worth $587,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 23,435,796 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the sale, the director owned 187,371 shares of the company’s stock, valued at approximately $449,690.40. This trade represents a 99.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 26,239,967 shares of company stock valued at $62,975,921 in the last 90 days. Corporate insiders own 7.70% of the company’s stock.

Clear Channel Outdoor Stock Performance

NYSE:CCO opened at $2.38 on Friday. Clear Channel Outdoor Holdings, Inc. has a 1 year low of $1.22 and a 1 year high of $2.44. The stock has a market cap of $1.21 billion, a P/E ratio of -11.36 and a beta of 1.95. The stock has a 50-day simple moving average of $2.40 and a 200-day simple moving average of $2.39.

Clear Channel Outdoor (NYSE:CCO) last posted its earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $438.04 million for the quarter, compared to analysts’ expectations of $423.62 million. On average, equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, August 6th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $2.29.

Clear Channel Outdoor Profile

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.