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Jean-Marie Eveillard Sold Out Clear Channel Outdoor Holdings Shares

August 05, 2009 | About:
(GuruFocus, August 5, 2009) First Eagle Fund, which Investment Guru Jean-Marie Eveillard managed for nearly 30 years through March 2009, is buying has sold out its shares in Clear Channel Outdoor Holdings (NYSE:CCO). In March 2009, Jean-Marie stepped down and became an advisor to the fund, GuruFocus still tracks the performance of First Eagle Fund under his name.

According to GuruFocus Data, the fund sold all its 3.785 million CCO shares on July 31, at the price of $5.74 per share.

Clear Channel Outdoor Holdings (NYSE:CCO)

Clear Channel Outdoor Holdings based in San Antonio TX is a global leader in outdoor advertising displays in countries across continents. In the United States the company operates advertising displays and has a presence of the top DMA regions. It manages a large portion of Spectacular Displays in Times Square as well as Airport Taxi and Mall advertising worldwide. Adshel is the company's International street furniture division. Clear Channel Outdoor Holdings Inc. has a market cap of $2.22 billion; its shares were traded at around $6.23 with a P/E ratio of 311.5 and P/S ratio of 0.7.

Jean-Marie bought into the stock for the Fund back in 2Q06 with a small position of 10,800 shares, and he gradually built a stake of 7.24 million shares through the first quarter of 2008. The Fund has been selling the stock since then for the past 5 quarters. By the end of 1Q09, he had 4.07 million shares and GuruFocus reported on June 23 that First Eagle Fund was last seen selling shares.

The stock price has dropped more than 90% since Jean-Marie first bought the stock.

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Rating: 2.7/5 (6 votes)


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GuruFocus has detected 2 Warning Signs with Clear Channel Outdoor Holdings Inc $CCO.
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