Clear Channel Outdoor (NYSE:CCO) Reaches New 1-Year High – Here’s What Happened

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $2.43 and last traded at $2.4150, with a volume of 58568340 shares traded. The stock had previously closed at $2.40.

Analyst Ratings Changes

CCO has been the topic of a number of research analyst reports. TD Cowen restated a “hold” rating and set a $2.43 price objective (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Wednesday. Five equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $2.29.

Clear Channel Outdoor Stock Performance

The firm’s 50-day simple moving average is $2.40 and its 200 day simple moving average is $2.30. The stock has a market capitalization of $1.23 billion, a P/E ratio of -13.42 and a beta of 1.96.

Clear Channel Outdoor (NYSE:CCO) last announced 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 firm had revenue of $373.86 million during the quarter, compared to the consensus estimate of $348.71 million. As a group, research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Clear Channel Outdoor news, Director Raymond T. White sold 23,435,796 shares of the business’s 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 transaction, the director owned 187,371 shares of the company’s stock, valued at $449,690.40. The trade was a 99.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 26,239,967 shares of company stock valued at $62,975,921 in the last ninety days. 7.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

Several large investors have recently made changes to their positions in CCO. Captrust Financial Advisors bought a new position in shares of Clear Channel Outdoor in the fourth quarter valued at $27,000. EntryPoint Capital LLC bought a new stake in Clear Channel Outdoor during the fourth quarter worth $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Clear Channel Outdoor during the fourth quarter worth $31,000. CTC Alternative Strategies Ltd. acquired a new stake in Clear Channel Outdoor in the first quarter valued at $32,000. Finally, Sargent Investment Group LLC bought a new position in shares of Clear Channel Outdoor in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 85.52% of the company’s stock.

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.