Clear Channel Outdoor (NYSE:CCO) Sees Large Volume Increase – Here’s Why

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw unusually-strong trading volume on Monday . Approximately 7,911,135 shares were traded during mid-day trading, an increase of 12% from the previous session’s volume of 7,038,609 shares.The stock last traded at $2.4150 and had previously closed at $2.42.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated 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. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $2.29.

Clear Channel Outdoor Trading Down 0.2%

The company’s 50 day moving average price is $2.41 and its two-hundred day moving average price is $2.36. The firm has a market cap of $1.23 billion, a PE ratio of -13.42 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $438.04 million during the quarter, compared to analysts’ expectations of $423.62 million. Equities research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at Clear Channel Outdoor

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was 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. The trade was a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 26,239,967 shares of company stock worth $62,975,921 over the last three months. Insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Captrust Financial Advisors purchased a new stake in Clear Channel Outdoor in the 4th quarter worth approximately $27,000. EntryPoint Capital LLC purchased a new position in Clear Channel Outdoor during the fourth quarter valued at approximately $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Clear Channel Outdoor in the fourth quarter worth approximately $31,000. CTC Alternative Strategies Ltd. bought a new position in shares of Clear Channel Outdoor in the first quarter worth approximately $32,000. Finally, Sargent Investment Group LLC purchased a new stake in shares of Clear Channel Outdoor in the fourth quarter worth $33,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

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.