Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Sells $19,505.20 in Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) major shareholder Pacific Investment Management sold 12,584 shares of Clear Channel Outdoor stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1.55, for a total value of $19,505.20. Following the sale, the insider now directly owns 104,859,957 shares of the company’s stock, valued at approximately $162,532,933.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Clear Channel Outdoor Trading Up 1.6 %

CCO stock traded up $0.02 during midday trading on Thursday, hitting $1.57. The company had a trading volume of 4,903,136 shares, compared to its average volume of 2,466,148. The stock has a market cap of $757.02 million, a price-to-earnings ratio of -2.41 and a beta of 2.88. Clear Channel Outdoor Holdings, Inc. has a 52 week low of $0.99 and a 52 week high of $2.06. The stock’s 50 day moving average price is $1.69 and its 200 day moving average price is $1.55.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Monday, February 26th. The business services provider reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $632.11 million during the quarter, compared to analysts’ expectations of $611.62 million. During the same period in the previous year, the firm earned $0.24 earnings per share. Analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Clear Channel Outdoor by 2.9% in the third quarter. Vanguard Group Inc. now owns 42,561,409 shares of the business services provider’s stock worth $58,309,000 after purchasing an additional 1,212,809 shares during the last quarter. BlackRock Inc. lifted its holdings in Clear Channel Outdoor by 1.2% in the 2nd quarter. BlackRock Inc. now owns 27,984,693 shares of the business services provider’s stock worth $38,339,000 after buying an additional 334,434 shares during the period. Legion Partners Asset Management LLC grew its position in shares of Clear Channel Outdoor by 7.1% in the 3rd quarter. Legion Partners Asset Management LLC now owns 26,530,196 shares of the business services provider’s stock worth $41,918,000 after buying an additional 1,753,407 shares during the last quarter. Morgan Stanley increased its stake in shares of Clear Channel Outdoor by 16.2% during the fourth quarter. Morgan Stanley now owns 18,272,035 shares of the business services provider’s stock valued at $19,186,000 after buying an additional 2,541,546 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Clear Channel Outdoor by 102.7% during the third quarter. JPMorgan Chase & Co. now owns 14,931,384 shares of the business services provider’s stock valued at $23,592,000 after buying an additional 7,565,634 shares during the period. 85.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CCO has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 28th. Wells Fargo & Company upgraded shares of Clear Channel Outdoor from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $1.50 to $2.75 in a report on Wednesday, December 20th. Barrington Research reaffirmed an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a report on Tuesday, February 27th. Finally, StockNews.com raised shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.16.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.