Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Receives Consensus Recommendation of “Reduce” from Brokerages

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has received a consensus rating of “Reduce” from the six brokerages that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $2.2920.

Separately, Weiss Ratings raised shares of Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, August 6th.

Clear Channel Outdoor Price Performance

CCO stock opened at $2.34 on Monday. The firm has a market capitalization of $1.19 billion, a PE ratio of -11.14 and a beta of 1.95. Clear Channel Outdoor has a twelve month low of $1.22 and a twelve month high of $2.44. The stock has a 50-day simple moving average of $2.40 and a two-hundred day simple moving average of $2.39.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $438.04 million for the quarter, compared to the consensus estimate of $423.62 million. On average, equities research analysts anticipate that Clear Channel Outdoor will post -0.05 EPS for the current fiscal year.

Insider Activity at Clear Channel Outdoor

In other news, Director Raymond T. White sold 23,435,796 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the completion of the transaction, the director directly owned 187,371 shares in the company, valued at $449,690.40. The trade was a 99.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 26,239,967 shares of company stock worth $62,975,921. 7.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

Several large investors have recently added to or reduced their stakes in CCO. BlackRock Inc. purchased a new position in Clear Channel Outdoor during the second quarter worth about $73,669,000. Anson Funds Management LP boosted its position in shares of Clear Channel Outdoor by 8.8% during the 4th quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider’s stock valued at $43,852,000 after acquiring an additional 1,604,125 shares during the last quarter. Glazer Capital LLC bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter valued at about $29,763,000. Gamco Investors INC. ET AL grew its holdings in shares of 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 purchasing an additional 959,400 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Clear Channel Outdoor by 3.9% during the fourth quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider’s stock worth $15,467,000 after purchasing an additional 260,716 shares in the last quarter. Institutional investors own 85.52% of the company’s stock.

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.