Clear Channel Outdoor (NYSE:CCO) Sees Strong Trading Volume – Still a Buy?

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw strong trading volume on Tuesday . 52,759,965 shares traded hands during trading, an increase of 717% from the previous session’s volume of 6,458,412 shares.The stock last traded at $2.3950 and had previously closed at $2.40.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Friday, March 27th. Wells Fargo & Company lifted their target price on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Finally, TD Cowen reiterated a “hold” rating and set a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a research report on Monday, April 6th. Five research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $2.29.

Clear Channel Outdoor Price Performance

The firm has a fifty day moving average of $2.39 and a two-hundred day moving average of $2.25. The stock has a market capitalization of $1.22 billion, a P/E ratio of -13.31 and a beta of 1.96.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings data on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $373.86 million during the quarter, compared to analysts’ expectations of $348.71 million. As a group, sell-side analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Trading of Clear Channel Outdoor

Institutional investors and hedge funds have recently made changes to their positions in the company. 140 Summer Partners LP purchased a new position in Clear Channel Outdoor in the fourth quarter valued at about $8,806,000. Barclays PLC grew its stake in Clear Channel Outdoor by 3,017.0% in the third quarter. Barclays PLC now owns 4,109,743 shares of the business services provider’s stock valued at $6,493,000 after purchasing an additional 3,977,895 shares during the last quarter. Occam Crest Management LP grew its stake in Clear Channel Outdoor by 423.7% in the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider’s stock valued at $7,524,000 after purchasing an additional 2,754,300 shares during the last quarter. Marshall Wace LLP purchased a new position in Clear Channel Outdoor in the fourth quarter valued at about $5,925,000. Finally, EVR Research LP purchased a new position in Clear Channel Outdoor in the third quarter valued at about $3,950,000. 85.52% of the stock is currently owned by institutional investors.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.