Arizona State Retirement System Sells 8,241 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Arizona State Retirement System lowered its stake in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 10.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 74,248 shares of the business services provider’s stock after selling 8,241 shares during the quarter. Arizona State Retirement System’s holdings in Clear Channel Outdoor were worth $135,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CCO. Carronade Capital Management LP bought a new stake in shares of Clear Channel Outdoor during the third quarter worth $1,580,000. SG Americas Securities LLC raised its holdings in Clear Channel Outdoor by 41.4% during the 4th quarter. SG Americas Securities LLC now owns 202,741 shares of the business services provider’s stock worth $369,000 after purchasing an additional 59,324 shares during the last quarter. CenterBook Partners LP raised its holdings in Clear Channel Outdoor by 183.3% during the 3rd quarter. CenterBook Partners LP now owns 2,777,537 shares of the business services provider’s stock worth $4,389,000 after purchasing an additional 1,797,154 shares during the last quarter. Shenkman Capital Management Inc. grew its position in shares of Clear Channel Outdoor by 70.9% during the 3rd quarter. Shenkman Capital Management Inc. now owns 1,704,589 shares of the business services provider’s stock worth $2,693,000 after buying an additional 707,389 shares during the period. Finally, Requisite Capital Management LLC raised its stake in shares of Clear Channel Outdoor by 100.0% during the fourth quarter. Requisite Capital Management LLC now owns 400,000 shares of the business services provider’s stock worth $728,000 after buying an additional 200,000 shares during the last quarter. Institutional investors and hedge funds own 85.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CCO. Morgan Stanley increased their target price on Clear Channel Outdoor from $1.50 to $2.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. StockNews.com upgraded shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a report on Friday, February 16th. Finally, Barrington Research reissued an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research report on Tuesday, February 27th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.16.

Clear Channel Outdoor Price Performance

NYSE:CCO opened at $1.47 on Tuesday. The company has a market cap of $711.07 million, a P/E ratio of -2.26 and a beta of 2.88. The firm’s fifty day moving average price is $1.66 and its two-hundred day moving average price is $1.56. Clear Channel Outdoor Holdings, Inc. has a one year low of $0.99 and a one year high of $2.06.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings results on Monday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $632.11 million during the quarter, compared to the consensus estimate of $611.62 million. During the same period in the prior year, the company earned $0.24 earnings per share. As a group, equities research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.24 earnings per share for the current year.

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.