Fintel reports that Ares Management Llc has filed a 13D/A form with the SEC disclosing ownership of 54.21MM shares of Clear Channel Outdoor Holdings Inc (CCO). This represents 11.4% of the company.

In their previous filing dated October 7, 2022 they reported 49.47MM shares and 10.40% of the company, an increase in shares of 9.57% and an increase in total ownership of 1.00% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 20.15% Upside

As of January 26, 2023, the average one-year price target for Clear Channel Outdoor Holdings is $1.96. The forecasts range from a low of $1.11 to a high of $3.15. The average price target represents an increase of 20.15% from its latest reported closing price of $1.63.

The projected annual revenue for Clear Channel Outdoor Holdings is $2,590MM, an increase of 2.99%. The projected annual EPS is – $0.19.

Fund Sentiment

There are 399 funds or institutions reporting positions in Clear Channel Outdoor Holdings Inc. This is a decrease of 34 owner(s) or 7.85%.

Average portfolio weight of all funds dedicated to Clear Channel Outdoor Holdings Inc is 0.1802%, an increase of 48.2685%. Total shares owned by institutions increased in the last three months by 0.63% to 574,511,164 shares.

What are large shareholders doing?

Allianz Asset Management GmbH holds 104,872,541 shares representing 22.03% ownership of the company. No change in the last quarter.

Mason Capital Management Llc holds 21,259,625 shares representing 4.47% ownership of the company. No change in the last quarter.

Legion Partners Asset Management, LLC holds 20,167,400 shares representing 4.24% ownership of the company. In it’s prior filing, the firm reported owning 20,164,900 shares, representing an increase of 0.01%. The firm increased its portfolio allocation in CCO by 78.06% over the last quarter.

Rubric Capital Management LP holds 17,391,427 shares representing 3.65% ownership of the company. No change in the last quarter.

Brigade Capital Management, Lp holds 10,010,416 shares representing 2.10% ownership of the company. In it’s prior filing, the firm reported owning 8,542,416 shares, representing an increase of 14.66%. The firm increased its portfolio allocation in CCO by 35.28% over the last quarter.

Clear Channel Outdoor Holdings Inc. Background Information
(This description is provided by the company.)

Clear Channel Outdoor Holdings, Inc. is one of the world’s largest outdoor advertising companies with a diverse portfolio of approximately 500,000 print and digital displays in 31 countries across North America, Europe, Latin America and Asia, reaching millions of people monthly. A growing digital platform includes nearly 17,000 digital displays in international markets and more than 2,000 digital displays (excluding airports), including more than 1,400 digital billboards, in the U.S. Comprised of two business divisions – Clear Channel Outdoor Americas (CCOA), the U.S. and Caribbean business division, and Clear Channel International (CCI), covering markets in Europe, Latin America and Asia – CCO employs approximately 4,800 people globally.

This article originally appeared on Fintel

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.