Clear Channel Outdoor (NYSE:CCO) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.37 and traded as high as $2.42. Clear Channel Outdoor shares last traded at $2.42, with a volume of 2,314,103 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, August 6th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $2.29.

Clear Channel Outdoor Trading Up 0.6%

The firm’s fifty day moving average price is $2.41 and its two-hundred day moving average price is $2.37. The stock has a market capitalization of $1.19 billion, a PE ratio of -11.12 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $438.04 million for the quarter, compared to analysts’ expectations of $423.62 million. As a group, sell-side analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Raymond T. White sold 2,500,900 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the sale, the director directly owned 91,003 shares of the company’s stock, valued at $218,407.20. This represents a 96.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 26,239,967 shares of company stock worth $62,975,921. Corporate insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Large investors have recently bought and sold shares of the business. Gamco Investors INC. ET AL lifted its holdings in Clear Channel Outdoor by 11.8% during the first quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock valued at $21,533,000 after purchasing an additional 959,400 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Clear Channel Outdoor by 109.4% in the first quarter. Dimensional Fund Advisors LP now owns 899,187 shares of the business services provider’s stock valued at $2,131,000 after purchasing an additional 469,876 shares during the period. Sentinel Dome Partners LLC purchased a new stake in shares of Clear Channel Outdoor during the fourth quarter worth about $3,470,000. Occam Crest Management LP increased its stake in shares of Clear Channel Outdoor by 423.7% during the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider’s stock worth $7,524,000 after purchasing an additional 2,754,300 shares in the last quarter. Finally, Man Investment Partners US LP acquired a new position in shares of Clear Channel Outdoor during the 4th quarter worth about $4,612,000. 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.