Raymond White Sells 2,500,900 Shares of Clear Channel Outdoor (NYSE:CCO) Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Director Raymond White sold 2,500,900 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the completion of the transaction, the director directly owned 91,003 shares of the company’s stock, valued at approximately $218,407.20. The trade was a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Clear Channel Outdoor Price Performance

CCO stock traded down $0.01 during trading on Wednesday, reaching $2.41. The company had a trading volume of 6,784,801 shares, compared to its average volume of 6,860,720. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $1.00 and a 52 week high of $2.43. The company has a market cap of $1.22 billion, a P/E ratio of -13.36 and a beta of 1.96. The business has a 50 day moving average of $2.39 and a 200 day moving average of $2.28.

Clear Channel Outdoor (NYSE:CCO) last released 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 company had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. Research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of institutional investors have recently made changes to their positions in the company. Carmignac Gestion purchased a new stake in shares of Clear Channel Outdoor during the first quarter valued at approximately $139,000. CTC Alternative Strategies Ltd. purchased a new stake in shares of Clear Channel Outdoor during the first quarter valued at approximately $32,000. Groupe la Francaise purchased a new stake in shares of Clear Channel Outdoor during the first quarter valued at approximately $3,014,000. Bank of America Corp DE grew its holdings in shares of Clear Channel Outdoor by 94.4% during the first quarter. Bank of America Corp DE now owns 905,024 shares of the business services provider’s stock valued at $2,145,000 after buying an additional 439,481 shares during the last quarter. Finally, Amundi grew its holdings in shares of Clear Channel Outdoor by 171.4% during the first quarter. Amundi now owns 44,297 shares of the business services provider’s stock valued at $105,000 after buying an additional 27,978 shares during the last quarter. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CCO. Wells Fargo & Company raised their target price on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a research note on Friday, February 27th. TD Cowen reaffirmed a “hold” rating and set a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Friday, March 27th. Five investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $2.29.

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.