Franklin Resources Inc. Lowers Stock Position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Franklin Resources Inc. trimmed its stake in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 20.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 3,939,510 shares of the business services provider’s stock after selling 1,002,943 shares during the period. Franklin Resources Inc. owned about 0.81% of Clear Channel Outdoor worth $6,106,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in CCO. Barclays PLC raised its position in Clear Channel Outdoor by 271.2% in the third quarter. Barclays PLC now owns 520,663 shares of the business services provider’s stock valued at $833,000 after purchasing an additional 380,408 shares during the period. XTX Topco Ltd grew its stake in shares of Clear Channel Outdoor by 182.6% in the third quarter. XTX Topco Ltd now owns 229,459 shares of the business services provider’s stock valued at $367,000 after buying an additional 148,271 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Clear Channel Outdoor by 56.7% in the 3rd quarter. Jane Street Group LLC now owns 1,116,893 shares of the business services provider’s stock valued at $1,787,000 after buying an additional 404,082 shares during the period. Whitebox Advisors LLC lifted its stake in Clear Channel Outdoor by 11.5% during the 3rd quarter. Whitebox Advisors LLC now owns 1,807,486 shares of the business services provider’s stock worth $2,892,000 after acquiring an additional 185,700 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Clear Channel Outdoor during the 3rd quarter valued at about $65,000. 85.52% of the stock is currently owned by institutional investors and hedge funds.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO opened at $1.38 on Monday. The stock’s 50-day simple moving average is $1.55 and its 200-day simple moving average is $1.53. The firm has a market capitalization of $674.93 million, a PE ratio of -4.76 and a beta of 3.05. Clear Channel Outdoor Holdings, Inc. has a fifty-two week low of $1.29 and a fifty-two week high of $2.06.

Insider Transactions at Clear Channel Outdoor

In related news, major shareholder Arturo R. Moreno purchased 250,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average cost of $1.45 per share, for a total transaction of $362,500.00. Following the purchase, the insider now directly owns 52,182,534 shares of the company’s stock, valued at $75,664,674.30. The trade was a 0.48 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.53% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.