Allianz Asset Management GmbH Boosts Position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Allianz Asset Management GmbH lifted its position in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 0.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,500,468 shares of the business services provider’s stock after purchasing an additional 627,927 shares during the quarter. Allianz Asset Management GmbH owned 22.41% of Clear Channel Outdoor worth $285,906,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Ares Management LLC boosted its stake in Clear Channel Outdoor by 5.5% during the 2nd quarter. Ares Management LLC now owns 44,374,772 shares of the business services provider’s stock worth $117,149,000 after purchasing an additional 2,325,000 shares during the last quarter. Vanguard Group Inc. increased its stake in Clear Channel Outdoor by 7.5% during the second quarter. Vanguard Group Inc. now owns 35,064,004 shares of the business services provider’s stock worth $92,568,000 after purchasing an additional 2,441,296 shares during the period. BlackRock Inc. grew its position in shares of Clear Channel Outdoor by 0.4% during the third quarter. BlackRock Inc. now owns 34,090,274 shares of the business services provider’s stock worth $92,384,000 after buying an additional 120,709 shares in the last quarter. Legion Partners Asset Management LLC grew its position in shares of Clear Channel Outdoor by 14.2% during the second quarter. Legion Partners Asset Management LLC now owns 14,783,242 shares of the business services provider’s stock worth $39,028,000 after buying an additional 1,840,373 shares in the last quarter. Finally, State Street Corp grew its position in shares of Clear Channel Outdoor by 666.9% during the second quarter. State Street Corp now owns 7,438,866 shares of the business services provider’s stock worth $19,639,000 after buying an additional 6,468,846 shares in the last quarter. 93.70% of the stock is currently owned by institutional investors and hedge funds.

In other Clear Channel Outdoor news, major shareholder Pacific Investment Management sold 61,793 shares of the business’s stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $3.30, for a total value of $203,916.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.44% of the company’s stock.

CCO has been the subject of a number of research reports. Zacks Investment Research upgraded Clear Channel Outdoor from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a research note on Tuesday. Barrington Research upgraded Clear Channel Outdoor from a “market perform” rating to an “outperform” rating and set a $5.00 price target for the company in a research note on Thursday, November 11th. Barclays increased their price objective on Clear Channel Outdoor from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Monday, October 18th. TD Securities raised Clear Channel Outdoor to a “buy” rating in a report on Tuesday, September 28th. Finally, Citigroup upped their target price on Clear Channel Outdoor from $2.75 to $3.50 and gave the company a “neutral” rating in a report on Wednesday, November 10th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.27.

Shares of Clear Channel Outdoor stock opened at $3.26 on Friday. The business’s fifty day moving average price is $3.28 and its two-hundred day moving average price is $2.84. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $1.41 and a 1-year high of $3.70.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings data on Monday, November 8th. The business services provider reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). The firm had revenue of $596.42 million during the quarter, compared to the consensus estimate of $586.01 million. During the same quarter in the previous year, the company earned ($0.29) earnings per share. On average, research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.83 EPS for the current fiscal year.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc provides outdoor advertising solutions. It operates through Americas Outdoor Advertising and International Outdoor Advertising segments. The Americas Outdoor Advertising segment consists of operations primarily in the U.S. The International Outdoor Advertising segment consists of operations primarily in Europe, Asia and Latin America.

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Institutional Ownership by Quarter for Clear Channel Outdoor (NYSE:CCO)

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