Insider Buying: Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Buys 38,815 Shares of Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) major shareholder Arturo R. Moreno purchased 38,815 shares of the firm’s stock in a transaction on Thursday, June 5th. The shares were acquired at an average cost of $1.06 per share, for a total transaction of $41,143.90. Following the completion of the purchase, the insider now directly owns 64,134,352 shares of the company’s stock, valued at approximately $67,982,413.12. This represents a 0.06% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Clear Channel Outdoor Stock Performance

Shares of CCO stock opened at $1.18 on Wednesday. The company has a market capitalization of $583.64 million, a P/E ratio of -4.05 and a beta of 2.59. Clear Channel Outdoor Holdings, Inc. has a fifty-two week low of $0.81 and a fifty-two week high of $1.88. The stock has a 50 day moving average price of $1.05 and a two-hundred day moving average price of $1.26.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Thursday, May 1st. The business services provider reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $334.18 million during the quarter, compared to analysts’ expectations of $337.70 million.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CCO shares. Barrington Research lowered shares of Clear Channel Outdoor from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 23rd. Morgan Stanley reduced their price objective on Clear Channel Outdoor from $2.00 to $1.50 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st.

Hedge Funds Weigh In On Clear Channel Outdoor

Hedge funds have recently modified their holdings of the company. EntryPoint Capital LLC purchased a new stake in shares of Clear Channel Outdoor during the first quarter worth about $31,000. Graham Capital Management L.P. purchased a new position in Clear Channel Outdoor during the 4th quarter valued at about $36,000. Teacher Retirement System of Texas bought a new position in Clear Channel Outdoor during the 1st quarter valued at approximately $39,000. Cibc World Markets Corp purchased a new stake in Clear Channel Outdoor in the 4th quarter worth approximately $45,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Clear Channel Outdoor in the 4th quarter worth approximately $53,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.