Clear Channel Outdoor (NYSE:CCO) Reaches New 52-Week High – Should You Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares reached a new 52-week high on Friday . The company traded as high as $2.44 and last traded at $2.4250, with a volume of 13985426 shares traded. The stock had previously closed at $2.41.

Analyst Ratings Changes

Several brokerages recently issued reports on CCO. TD Cowen reaffirmed a “hold” rating and set a $2.43 price objective (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $2.29.

Clear Channel Outdoor Price Performance

The business’s 50 day simple moving average is $2.41 and its 200 day simple moving average is $2.35. The company has a market capitalization of $1.23 billion, a PE ratio of -13.47 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last posted 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 anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.06 EPS for the current year.

Insider Buying and Selling

In related news, Director Raymond T. White sold 23,435,796 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total value of $56,245,910.40. Following the completion of the transaction, the director directly owned 187,371 shares in the company, valued at approximately $449,690.40. This represents a 99.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 26,239,967 shares of company stock valued at $62,975,921 in the last 90 days. Corporate insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Several large investors have recently modified their holdings of the business. Benefit Street Partners LLC purchased a new stake in Clear Channel Outdoor in the 4th quarter valued at about $3,310,000. Gamco Investors INC. ET AL boosted its stake in Clear Channel Outdoor by 11.8% during the first quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock worth $21,533,000 after buying an additional 959,400 shares during the period. Sentinel Dome Partners LLC purchased a new position in Clear Channel Outdoor during the fourth quarter worth about $3,470,000. Man Investment Partners US LP acquired a new stake in shares of Clear Channel Outdoor during the fourth quarter valued at about $4,612,000. Finally, Occam Crest Management LP increased its position in shares of Clear Channel Outdoor by 423.7% during the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider’s stock valued at $7,524,000 after acquiring an additional 2,754,300 shares during the last quarter. Institutional investors and hedge funds own 85.52% of the company’s stock.

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.