Insider Buying: Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Purchases 23,334 Shares of Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) major shareholder Arturo R. Moreno purchased 23,334 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was acquired at an average cost of $1.06 per share, for a total transaction of $24,734.04. Following the purchase, the insider now owns 63,487,350 shares in the company, valued at approximately $67,296,591. The trade was a 0.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Clear Channel Outdoor Trading Up 5.7%

CCO traded up $0.06 during mid-day trading on Tuesday, hitting $1.11. 1,596,800 shares of the stock were exchanged, compared to its average volume of 1,702,310. The firm's fifty day moving average is $1.05 and its two-hundred day moving average is $1.27. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $0.81 and a 1-year high of $1.88. The company has a market cap of $551.35 million, a PE ratio of -3.83 and a beta of 2.58.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its earnings results on Thursday, May 1st. The business services provider reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $334.18 million for the quarter, compared to analyst estimates of $337.70 million.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Clear Channel Outdoor by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider's stock worth $234,000 after acquiring an additional 8,976 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Clear Channel Outdoor by 8.5% during the 4th quarter. MetLife Investment Management LLC now owns 176,289 shares of the business services provider's stock worth $242,000 after purchasing an additional 13,824 shares during the period. Inspire Investing LLC increased its holdings in Clear Channel Outdoor by 5.1% during the 1st quarter. Inspire Investing LLC now owns 306,009 shares of the business services provider's stock worth $340,000 after purchasing an additional 14,888 shares during the period. XTX Topco Ltd increased its holdings in Clear Channel Outdoor by 20.7% during the 1st quarter. XTX Topco Ltd now owns 100,929 shares of the business services provider's stock worth $112,000 after purchasing an additional 17,292 shares during the period. Finally, Cubist Systematic Strategies LLC increased its holdings in Clear Channel Outdoor by 24.2% during the 4th quarter. Cubist Systematic Strategies LLC now owns 97,302 shares of the business services provider's stock worth $133,000 after purchasing an additional 18,958 shares during the period. Institutional investors and hedge funds own 85.52% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CCO. Morgan Stanley decreased their price target on Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Barrington Research lowered Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 23rd.

About Clear Channel Outdoor

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.