Clear Channel Outdoor (NYSE:CCO) Issues Quarterly Earnings Results

Clear Channel Outdoor (NYSE:CCO) issued its earnings results on Tuesday. The business services provider reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01), FiscalAI reports. The company had revenue of $438.04 million during the quarter, compared to analysts’ expectations of $423.62 million.

Clear Channel Outdoor Price Performance

Shares of CCO traded down $0.01 during mid-day trading on Wednesday, hitting $2.42. The company’s stock had a trading volume of 4,599,142 shares, compared to its average volume of 7,110,119. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -13.42 and a beta of 1.95. The firm has a 50-day moving average price of $2.41 and a 200 day moving average price of $2.36. Clear Channel Outdoor has a fifty-two week low of $1.02 and a fifty-two week high of $2.44.

Insider Buying and Selling

In other Clear Channel Outdoor 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 sale, the director directly owned 187,371 shares of the company’s stock, valued at $449,690.40. The trade was a 99.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 26,239,967 shares of company stock valued at $62,975,921. Company insiders own 7.20% of the company’s stock.

Institutional Trading of Clear Channel Outdoor

Several hedge funds and other institutional investors have recently modified their holdings of the company. Captrust Financial Advisors purchased a new stake in shares of Clear Channel Outdoor during the 4th quarter worth about $27,000. EntryPoint Capital LLC bought a new stake in shares of Clear Channel Outdoor in the 4th quarter valued at approximately $28,000. Sargent Investment Group LLC acquired a new position in Clear Channel Outdoor in the fourth quarter worth approximately $33,000. Amundi bought a new position in Clear Channel Outdoor during the fourth quarter valued at approximately $36,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in Clear Channel Outdoor during the fourth quarter valued at approximately $38,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated 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, Clear Channel Outdoor has an average rating of “Reduce” and a consensus target price of $2.29.

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.