Pacific Investment Management Sells 12,584 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) major shareholder Pacific Investment Management sold 12,584 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1.55, for a total value of $19,505.20. Following the sale, the insider now owns 104,859,957 shares in the company, valued at $162,532,933.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Clear Channel Outdoor Trading Down 3.2 %

CCO opened at $1.52 on Friday. The stock has a 50-day moving average price of $1.69 and a 200-day moving average price of $1.55. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $0.99 and a 12-month high of $2.06. The stock has a market capitalization of $735.25 million, a P/E ratio of -2.34 and a beta of 2.88.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings data on Monday, February 26th. The business services provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $632.11 million during the quarter, compared to analysts’ expectations of $611.62 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. On average, equities research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.24 EPS for the current year.

Analyst Ratings Changes

CCO has been the topic of a number of research analyst reports. Wells Fargo & Company upgraded Clear Channel Outdoor from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $1.50 to $2.75 in a research note on Wednesday, December 20th. StockNews.com upgraded Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, February 16th. Barrington Research restated an “outperform” rating and issued a $2.50 target price on shares of Clear Channel Outdoor in a research note on Tuesday, February 27th. Finally, Morgan Stanley upped their target price on Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.16.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently modified their holdings of CCO. Optas LLC purchased a new position in shares of Clear Channel Outdoor in the 3rd quarter worth about $27,000. Parallax Volatility Advisers L.P. purchased a new stake in Clear Channel Outdoor during the 3rd quarter valued at about $30,000. Raymond James & Associates boosted its holdings in Clear Channel Outdoor by 76.9% during the 4th quarter. Raymond James & Associates now owns 29,900 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 13,000 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Clear Channel Outdoor during the 1st quarter valued at about $35,000. Finally, Alpine Global Management LLC purchased a new stake in Clear Channel Outdoor during the 4th quarter valued at about $36,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.