Is Clear Channel Outdoor Holdings, Inc. (CCO) A Good Stock To Buy?

At the top of the heap, Ken Griffin’s Citadel Investment Group sold off the biggest stake of the 700 funds followed by Insider Monkey, totaling about $0.3 million in stock. George Hall’s fund, Clinton Group, also sold off its stock, about $0.3 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) but similarly valued. These stocks are Hudson Pacific Properties Inc (NYSE:HPP), Wintrust Financial Corp (NASDAQ:WTFC), Infinera Corp. (NASDAQ:INFN), and Clean Harbors Inc (NYSE:CLH). This group of stocks’ market values are similar to CCO’s market value.

As you can see these stocks had an average of 19.5 hedge funds with bullish positions and the average amount invested in these stocks was $245 million. That figure was $103 million in CCO’s case. Infinera Corp. (NASDAQ:INFN) is the most popular stock in this table. On the other hand Wintrust Financial Corp (NASDAQ:WTFC) is the least popular one with only 11 bullish hedge fund positions. Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard INFN might be a better candidate to consider a long position.