Clear Channel Outdoor (NYSE:CCO) Posts Quarterly Earnings Results, Hits Expectations

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

Clear Channel Outdoor Stock Down 0.6%

Shares of CCO traded down $0.01 on Wednesday, hitting $2.42. The company’s stock had a trading volume of 4,476,196 shares, compared to its average volume of 7,109,146. The firm’s fifty day moving average price is $2.41 and its 200-day moving average price is $2.36. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -13.42 and a beta of 1.95. Clear Channel Outdoor has a fifty-two week low of $1.02 and a fifty-two week high of $2.44.

Insider Activity

In other news, Director Raymond T. White sold 2,500,900 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the completion of the sale, the director owned 91,003 shares of the company’s stock, valued at approximately $218,407.20. This represents a 96.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 26,239,967 shares of company stock worth $62,975,921. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors bought a new position in Clear Channel Outdoor during the 4th quarter valued at approximately $27,000. EntryPoint Capital LLC purchased a new position in Clear Channel Outdoor during the 4th quarter valued at approximately $28,000. Sargent Investment Group LLC bought a new stake in Clear Channel Outdoor during the 4th quarter valued at $33,000. Zacks Investment Management acquired a new position in Clear Channel Outdoor during the 3rd quarter valued at approximately $36,000. Finally, Amundi purchased a new position in shares of Clear Channel Outdoor during the 4th quarter valued at about $36,000. 85.52% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, 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.