Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Free Report) hit a new 52-week high during mid-day trading on Friday . The company 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
Several research firms have recently commented on CCO. TD Cowen reissued a “hold” rating and issued a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Wednesday. Finally, Wells Fargo & Company increased their price objective 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 research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Clear Channel Outdoor currently has an average rating of “Reduce” and an average price target of $2.29.
Read Our Latest Stock Report on Clear Channel Outdoor
Clear Channel Outdoor Stock Up 0.6%
Clear Channel Outdoor (NYSE:CCO – Get Free Report) last issued its earnings results 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 business had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. As a group, analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.04 EPS for the current year.
Insider Activity at Clear Channel Outdoor
In related news, Director Raymond T. White sold 2,500,900 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $2.40, for a total value of $6,002,160.00. Following the sale, the director owned 91,003 shares in the company, 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 at this hyperlink. Over the last 90 days, insiders sold 26,239,967 shares of company stock worth $62,975,921. 7.70% of the stock is owned by insiders.
Hedge Funds Weigh In On Clear Channel Outdoor
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Carmignac Gestion purchased a new stake in Clear Channel Outdoor during the first quarter worth $139,000. CTC Alternative Strategies Ltd. purchased a new position in shares of Clear Channel Outdoor in the first quarter valued at $32,000. Groupe la Francaise acquired a new position in shares of Clear Channel Outdoor during the 1st quarter worth $3,014,000. Bank of America Corp DE raised its stake in shares of Clear Channel Outdoor by 94.4% during the 1st quarter. Bank of America Corp DE now owns 905,024 shares of the business services provider’s stock worth $2,145,000 after buying an additional 439,481 shares during the last quarter. Finally, Amundi boosted its position in shares of Clear Channel Outdoor by 171.4% in the 1st quarter. Amundi now owns 44,297 shares of the business services provider’s stock worth $105,000 after buying an additional 27,978 shares in the last quarter. 85.52% of the stock is owned by institutional investors and hedge funds.
About Clear Channel Outdoor
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.
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