Clear Channel Outdoor (NYSE:CCO) Sees Large Volume Increase – Time to Buy?

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw unusually-strong trading volume on Monday . Approximately 7,911,135 shares traded hands during trading, an increase of 12% from the previous session’s volume of 7,038,609 shares.The stock last traded at $2.4150 and had previously closed at $2.42.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. 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 investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $2.29.

Clear Channel Outdoor Stock Performance

The stock has a market capitalization of $1.23 billion, a P/E ratio of -13.42 and a beta of 1.95. The stock has a 50-day moving average price of $2.41 and a two-hundred day moving average price of $2.35.

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 analysts’ expectations of $348.71 million. Equities analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the business’s stock in a transaction 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 sale, 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 legal filing with the SEC, which can be accessed through this link. Insiders sold 26,239,967 shares of company stock valued at $62,975,921 over the last 90 days. Insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCO. Benefit Street Partners LLC purchased a new position in Clear Channel Outdoor in the 4th quarter worth about $3,310,000. Gamco Investors INC. ET AL boosted its holdings in shares of Clear Channel Outdoor by 11.8% during the 1st quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock valued at $21,533,000 after acquiring an additional 959,400 shares during the last quarter. Sentinel Dome Partners LLC bought a new stake in shares of Clear Channel Outdoor in the fourth quarter worth approximately $3,470,000. Man Investment Partners US LP bought a new stake in shares of Clear Channel Outdoor in the fourth quarter worth approximately $4,612,000. Finally, Occam Crest Management LP raised its holdings 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 purchasing an additional 2,754,300 shares during the last quarter. 85.52% of the stock is owned by institutional investors.

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.