Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Acquires $218,000.00 in Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) major shareholder Arturo R. Moreno purchased 200,000 shares of the firm’s stock in a transaction dated Thursday, May 8th. The shares were bought at an average cost of $1.09 per share, with a total value of $218,000.00. Following the transaction, the insider now directly owns 62,894,358 shares of the company’s stock, valued at approximately $68,554,850.22. This represents a 0.32% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Clear Channel Outdoor Stock Performance

CCO stock opened at $1.17 on Thursday. The stock’s 50 day simple moving average is $1.06 and its 200 day simple moving average is $1.32. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $0.81 and a 12-month high of $1.88. The firm has a market cap of $573.37 million, a P/E ratio of -4.03 and a beta of 2.58.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Thursday, May 1st. The business services provider reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $334.18 million for the quarter, compared to the consensus estimate of $337.70 million.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Morgan Stanley decreased their price objective on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Barrington Research cut shares of Clear Channel Outdoor from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 23rd.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Clear Channel Outdoor by 9.0% in the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider’s stock valued at $10,099,000 after acquiring an additional 610,110 shares during the period. Barclays PLC lifted its holdings in shares of Clear Channel Outdoor by 271.2% in the 3rd quarter. Barclays PLC now owns 520,663 shares of the business services provider’s stock worth $833,000 after purchasing an additional 380,408 shares during the last quarter. SG Americas Securities LLC boosted its position in Clear Channel Outdoor by 31.2% during the 4th quarter. SG Americas Securities LLC now owns 294,947 shares of the business services provider’s stock valued at $404,000 after purchasing an additional 70,196 shares during the period. Diameter Capital Partners LP boosted its position in Clear Channel Outdoor by 2,210.5% during the 4th quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider’s stock valued at $13,843,000 after purchasing an additional 9,666,788 shares during the period. Finally, Geode Capital Management LLC grew its stake in Clear Channel Outdoor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider’s stock worth $10,756,000 after buying an additional 34,262 shares during the last quarter. Institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Company Profile

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.