Clear Channel Outdoor (NYSE:CCO) Sees Strong Trading Volume – Time to Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares saw strong trading volume on Thursday . 9,939,956 shares traded hands during mid-day 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.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a research 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 company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $2.29.

Clear Channel Outdoor Trading Up 0.6%

The firm’s fifty day moving average is $2.41 and its 200 day moving average is $2.37. The company has a market cap of $1.19 billion, a PE ratio of -11.12 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings data on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The company had revenue of $438.04 million for the quarter, compared to analysts’ expectations of $423.62 million. As a group, sell-side analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current fiscal year.

Insider Buying and Selling at Clear Channel Outdoor

In related news, Director Raymond T. White sold 23,435,796 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total value of $56,245,910.40. Following the transaction, the director directly owned 187,371 shares of the company’s stock, valued at approximately $449,690.40. This trade represents a 99.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 26,239,967 shares of company stock worth $62,975,921. 7.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

Several large investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Clear Channel Outdoor during the second quarter valued at approximately $73,669,000. Anson Funds Management LP boosted its stake in shares of Clear Channel Outdoor by 8.8% in the fourth quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider’s stock worth $43,852,000 after acquiring an additional 1,604,125 shares during the last quarter. Gamco Investors INC. ET AL boosted its stake in shares of Clear Channel Outdoor by 11.8% in the first quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock worth $21,533,000 after acquiring an additional 959,400 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Clear Channel Outdoor by 3.9% during the fourth quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider’s stock worth $15,467,000 after purchasing an additional 260,716 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Clear Channel Outdoor by 12.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,389,630 shares of the business services provider’s stock worth $11,911,000 after purchasing an additional 582,007 shares in the last quarter. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

About Clear Channel Outdoor

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.