Clear Channel Outdoor (NYSE:CCO) Director Raymond White Sells 23,435,796 Shares

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Director Raymond White sold 23,435,796 shares of Clear Channel Outdoor stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the sale, the director owned 187,371 shares in the company, valued at approximately $449,690.40. This represents a 99.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO traded down $0.01 during midday trading on Thursday, reaching $2.41. The stock had a trading volume of 5,594,014 shares, compared to its average volume of 6,835,059. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -13.36 and a beta of 1.96. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $1.00 and a twelve month high of $2.43. The company’s 50 day moving average price is $2.39 and its 200 day moving average price is $2.26.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $373.86 million for the quarter, compared to analysts’ expectations of $348.71 million. Equities analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Trading of Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently bought and sold shares of CCO. 140 Summer Partners LP bought a new stake in Clear Channel Outdoor during the 4th quarter valued at $8,806,000. Barclays PLC increased its stake in Clear Channel Outdoor by 3,017.0% during the 3rd 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 in the last quarter. Occam Crest Management LP grew its stake in shares of Clear Channel Outdoor by 423.7% in the 4th quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider’s stock worth $7,524,000 after acquiring an additional 2,754,300 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Clear Channel Outdoor in the 4th quarter worth $5,925,000. Finally, EVR Research LP bought a new stake in shares of Clear Channel Outdoor in the 3rd quarter worth $3,950,000. Institutional investors own 85.52% of the company’s stock.

Analysts Set New Price Targets

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

Clear Channel Outdoor Company Profile

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.