Clear Channel Outdoor (NYSE:CCO) Director Raymond White Sells 23,435,796 Shares of Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Director Raymond White sold 23,435,796 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total value of $56,245,910.40. Following the sale, the director owned 187,371 shares in the company, valued at approximately $449,690.40. The trade was a 99.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Clear Channel Outdoor Price Performance

Shares of CCO opened at $2.41 on Friday. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.36 and a beta of 1.96. Clear Channel Outdoor Holdings, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.43. The business’s 50-day moving average is $2.39 and its 200-day moving average is $2.27.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $373.86 million during the quarter, compared to the consensus estimate of $348.71 million. Equities research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of large investors have recently added to or reduced their stakes in CCO. Benefit Street Partners LLC bought a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at approximately $3,310,000. Contrarian Capital Management L.L.C. boosted its position in shares of Clear Channel Outdoor by 73.6% in the third quarter. Contrarian Capital Management L.L.C. now owns 2,521,871 shares of the business services provider’s stock valued at $3,985,000 after acquiring an additional 1,069,257 shares during the period. Polar Asset Management Partners Inc. bought a new stake in shares of Clear Channel Outdoor in the third quarter valued at approximately $948,000. EVR Research LP bought a new stake in shares of Clear Channel Outdoor in the third quarter valued at approximately $3,950,000. Finally, Cove Street Capital LLC boosted its position in shares of Clear Channel Outdoor by 59.9% in the third quarter. Cove Street Capital LLC now owns 1,642,567 shares of the business services provider’s stock valued at $2,595,000 after acquiring an additional 615,451 shares during the period. Institutional investors own 85.52% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CCO. Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Friday, March 27th. TD Cowen reissued a “hold” rating and issued a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Finally, Wells Fargo & Company boosted their price target on Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Five analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target 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.