Principal Financial Group Inc. Lowers Holdings in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Principal Financial Group Inc. reduced its holdings in shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 17.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 35,923 shares of the business services provider’s stock after selling 7,344 shares during the period. Principal Financial Group Inc.’s holdings in Clear Channel Outdoor were worth $51,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CCO. Bank of New York Mellon Corp raised its position in Clear Channel Outdoor by 3.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider’s stock valued at $1,983,000 after purchasing an additional 49,714 shares in the last quarter. AEGON USA Investment Management LLC raised its holdings in Clear Channel Outdoor by 53.4% in the second quarter. AEGON USA Investment Management LLC now owns 154,449 shares of the business services provider’s stock valued at $218,000 after acquiring an additional 53,736 shares in the last quarter. Genesee Capital Advisors LLC purchased a new position in Clear Channel Outdoor in the second quarter worth approximately $136,000. Assenagon Asset Management S.A. acquired a new position in Clear Channel Outdoor during the 2nd quarter worth approximately $1,114,000. Finally, SG Americas Securities LLC increased its position in shares of Clear Channel Outdoor by 47.3% in the 2nd quarter. SG Americas Securities LLC now owns 291,755 shares of the business services provider’s stock valued at $411,000 after purchasing an additional 93,686 shares during the last quarter. 85.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a research report on Monday, August 12th.

Insider Activity at Clear Channel Outdoor

In related news, major shareholder Pacific Investment Management sold 46,959 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $1.69, for a total value of $79,360.71. Following the completion of the sale, the insider now owns 104,812,998 shares in the company, valued at $177,133,966.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.53% of the stock is currently owned by insiders.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO opened at $1.70 on Tuesday. The firm has a market capitalization of $828.36 million, a PE ratio of -2.20 and a beta of 3.07. Clear Channel Outdoor Holdings, Inc. has a fifty-two week low of $1.04 and a fifty-two week high of $2.06. The stock’s 50-day simple moving average is $1.55 and its 200-day simple moving average is $1.53.

Clear Channel Outdoor (NYSE:CCO) last announced its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The company had revenue of $558.54 million during the quarter, compared to analysts’ expectations of $563.75 million. On average, sell-side analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current fiscal year.

Clear Channel Outdoor Company Profile

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.