Key Points
- Director Raymond White sold 23,435,796 shares of Clear Channel Outdoor on June 9 at an average price of $2.40, totaling about $56.2 million. After the sale, he retained 187,371 shares, a 99.21% reduction in his ownership stake.
- Clear Channel Outdoor recently reported quarterly earnings of -$0.10 per share, missing analyst expectations, though revenue came in at $373.86 million, above estimates. Analysts currently expect the company to post -0.04 EPS for the full fiscal year.
- The stock is trading near its 52-week high at $2.41, with a market cap of $1.22 billion. Analyst sentiment remains cautious, with a consensus rating of "Reduce" and an average price target of $2.29.
Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) Director Raymond White sold 23,435,796 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total value of $56,245,910.40. Following the transaction, the director owned 187,371 shares of the company's stock, valued at $449,690.40. This represents a 99.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Clear Channel Outdoor Stock Performance
Shares of CCO stock opened at $2.41 on Friday. The stock's fifty day moving average is $2.39 and its 200-day moving average is $2.27. The stock has a market capitalization of $1.22 billion, a PE ratio of -13.36 and a beta of 1.96. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $1.00 and a 52 week high of $2.43.
Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) EPS 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, analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the stock. Benefit Street Partners LLC bought a new position in Clear Channel Outdoor in the fourth quarter valued at approximately $3,310,000. Contrarian Capital Management L.L.C. grew its stake in Clear Channel Outdoor by 73.6% in the third quarter. Contrarian Capital Management L.L.C. now owns 2,521,871 shares of the business services provider's stock valued at $3,985,000 after purchasing an additional 1,069,257 shares in the last quarter. Polar Asset Management Partners Inc. bought a new position in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $948,000. EVR Research LP bought a new position in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $3,950,000. Finally, Cove Street Capital LLC boosted its stake in shares of Clear Channel Outdoor by 59.9% during the 3rd quarter. Cove Street Capital LLC now owns 1,642,567 shares of the business services provider's stock worth $2,595,000 after acquiring an additional 615,451 shares during the period. 85.52% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on CCO shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Clear Channel Outdoor in a report on Friday, March 27th. TD Cowen restated a "hold" rating and set a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Finally, Wells Fargo & Company raised their price target 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. Five investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $2.29.
Get Our Latest Stock Analysis on Clear Channel Outdoor
Clear Channel Outdoor Company Profile
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
