Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Free Report)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.31 and traded as high as $2.42. Clear Channel Outdoor shares last traded at $2.4050, with a volume of 7,980,646 shares.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on CCO. TD Cowen reaffirmed a “hold” rating and issued a $2.43 price objective (down from $2.50) on shares of Clear Channel Outdoor in a research report on Monday, April 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $2.29.
Read Our Latest Research Report on Clear Channel Outdoor
Clear Channel Outdoor Price Performance
Clear Channel Outdoor (NYSE:CCO – Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. As a group, equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.04 EPS for the current fiscal year.
Insiders Place Their Bets
In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $2.40, for a total value of $6,002,160.00. Following the transaction, the director owned 91,003 shares of the company’s stock, valued at $218,407.20. This trade represents a 96.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 26,239,967 shares of company stock worth $62,975,921 in the last quarter. 7.70% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Clear Channel Outdoor
Several institutional investors have recently made changes to their positions in the stock. Carmignac Gestion acquired a new stake in shares of Clear Channel Outdoor during the 1st quarter worth approximately $139,000. CTC Alternative Strategies Ltd. bought a new stake in shares of Clear Channel Outdoor in the 1st quarter worth approximately $32,000. Groupe la Francaise acquired a new position in Clear Channel Outdoor during the 1st quarter valued at approximately $3,014,000. Bank of America Corp DE boosted its position in 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 valued at $2,145,000 after purchasing an additional 439,481 shares during the period. Finally, Amundi grew its stake in Clear Channel Outdoor by 171.4% during 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 during the last quarter. 85.52% of the stock is owned by institutional investors.
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.
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