Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Given Average Recommendation of “Reduce” by Brokerages

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) have earned a consensus rating of “Reduce” from the seven brokerages that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $2.2920.

CCO has been the topic of a number of recent research reports. TD Cowen reaffirmed a “hold” rating and issued 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 reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Wednesday, June 24th.

Insider Activity at Clear Channel Outdoor

In other news, Director Raymond T. White sold 2,500,900 shares of the firm’s 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 owned 91,003 shares in the company, valued at $218,407.20. This trade represents a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 26,239,967 shares of company stock valued at $62,975,921 over the last three months. Corporate insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Clear Channel Outdoor by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock worth $234,000 after acquiring an additional 8,976 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock valued at $5,432,000 after purchasing an additional 912,632 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Clear Channel Outdoor by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider’s stock valued at $7,927,000 after purchasing an additional 59,366 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Clear Channel Outdoor by 2.7% during the second quarter. Russell Investments Group Ltd. now owns 561,802 shares of the business services provider’s stock valued at $657,000 after purchasing an additional 14,855 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in Clear Channel Outdoor during the second quarter worth about $587,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

Clear Channel Outdoor Price Performance

Shares of Clear Channel Outdoor stock opened at $2.40 on Friday. The business has a 50-day simple moving average of $2.40 and a 200 day simple moving average of $2.31. Clear Channel Outdoor has a one year low of $1.00 and a one year high of $2.43. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.36 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The business had revenue of $373.86 million during the quarter, compared to analyst estimates of $348.71 million. On average, sell-side analysts expect that Clear Channel Outdoor will post -0.04 EPS for the current year.

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.