Clear Channel Outdoor (NYSE:CCO) Sees Large Volume Increase – Time to Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares saw unusually-strong trading volume on Thursday . Approximately 9,939,956 shares traded hands during trading, an increase of 43% from the previous session’s volume of 6,964,451 shares.The stock last traded at $2.4050 and had previously closed at $2.41.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, August 6th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $2.29.

Clear Channel Outdoor Stock Performance

The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -11.21 and a beta of 1.95. The firm has a 50-day moving average price of $2.41 and a two-hundred day moving average price of $2.37.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $438.04 million during the quarter, compared to analyst estimates of $423.62 million. Research analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current year.

Insider Activity

In other news, Director Raymond T. White sold 23,435,796 shares of Clear Channel Outdoor stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 26,239,967 shares of company stock worth $62,975,921 over the last 90 days. Company insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Clear Channel Outdoor

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Clear Channel Outdoor in the 2nd quarter valued at about $73,669,000. 140 Summer Partners LP purchased a new position in shares of Clear Channel Outdoor in the 4th quarter valued at approximately $8,806,000. Barclays PLC increased its holdings in shares of Clear Channel Outdoor by 3,017.0% in the third quarter. Barclays PLC now owns 4,109,743 shares of the business services provider’s stock valued at $6,493,000 after purchasing an additional 3,977,895 shares during the period. Occam Crest Management LP increased its holdings in shares of Clear Channel Outdoor by 423.7% in the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider’s stock valued at $7,524,000 after purchasing an additional 2,754,300 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Clear Channel Outdoor during the fourth quarter worth approximately $5,925,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.

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.