Clear Channel Outdoor (NYSE:CCO) Sets New 52-Week High – Time to Buy?

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $2.43 and last traded at $2.4150, with a volume of 58568340 shares. The stock had previously closed at $2.40.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. TD Cowen reiterated a “hold” rating and set a $2.43 target price (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. Finally, Wells Fargo & Company lifted their price target 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 equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.29.

Clear Channel Outdoor Stock Performance

The company has a market capitalization of $1.23 billion, a PE ratio of -13.42 and a beta of 1.96. The company’s 50-day simple moving average is $2.40 and its 200-day simple moving average is $2.30.

Clear Channel Outdoor (NYSE:CCO) last announced its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) 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 analyst estimates of $348.71 million. Analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.04 EPS for the current year.

Insiders Place Their Bets

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of Clear Channel Outdoor 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 transaction, the director directly owned 91,003 shares in the company, valued at approximately $218,407.20. This trade represents a 96.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 26,239,967 shares of company stock worth $62,975,921. 7.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

Hedge funds have recently modified their holdings of the stock. Benefit Street Partners LLC purchased a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at about $3,310,000. Contrarian Capital Management L.L.C. raised its holdings in Clear Channel Outdoor by 73.6% during the third quarter. Contrarian Capital Management L.L.C. now owns 2,521,871 shares of the business services provider’s stock worth $3,985,000 after purchasing an additional 1,069,257 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new position in Clear Channel Outdoor during the third quarter worth about $948,000. EVR Research LP acquired a new stake in Clear Channel Outdoor in the third quarter valued at about $3,950,000. Finally, Cove Street Capital LLC lifted its position in Clear Channel Outdoor by 59.9% in the third quarter. Cove Street Capital LLC now owns 1,642,567 shares of the business services provider’s stock valued at $2,595,000 after purchasing an additional 615,451 shares during the period. 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.