Clear Channel Outdoor (NYSE:CCO) Hits New 1-Year High – Should You Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $2.44 and last traded at $2.4250, with a volume of 13985426 shares trading hands. The stock had previously closed at $2.41.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CCO. TD Cowen reiterated a “hold” rating and set a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Wednesday, June 24th. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $2.29.

Clear Channel Outdoor Price Performance

The stock has a 50 day simple moving average of $2.41 and a two-hundred day simple moving average of $2.35. The company has a market cap of $1.23 billion, a PE ratio of -13.47 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings data on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The business had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. As a group, equities analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.06 EPS for the current fiscal year.

Insider Activity

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 stock was sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the transaction, the director owned 187,371 shares of the company’s stock, valued at $449,690.40. This trade represents a 99.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 Trading of Clear Channel Outdoor

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

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.