Insider Buying: Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Acquires 450,000 Shares of Stock

Key Points

• Arturo R. Moreno, a major shareholder of Clear Channel Outdoor, purchased 450,000 shares at an average price of $1.09, increasing his stake to over 64 million shares.
• Clear Channel Outdoor's recent stock performance has seen fluctuations, with a market cap of $529 million and trading at $1.07, down from a 52-week high of $1.77.
• Several institutional investors, holding around 85.52% of the company's stock, have recently increased their positions, indicating growing confidence in Clear Channel Outdoor.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) major shareholder Arturo R. Moreno acquired 450,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was bought at an average cost of $1.09 per share, for a total transaction of $490,500.00. Following the completion of the purchase, the insider owned 64,612,859 shares of the company's stock, valued at $70,428,016.31. This trade represents a 0.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Clear Channel Outdoor Trading Up 3.4%

Shares of CCO stock traded up $0.04 during trading hours on Monday, reaching $1.06. The company's stock had a trading volume of 1,316,453 shares, compared to its average volume of 2,256,524. The stock has a market capitalization of $524.03 million, a P/E ratio of -17.58 and a beta of 2.65. The firm's fifty day simple moving average is $1.15 and its 200 day simple moving average is $1.17. Clear Channel Outdoor Holdings, Inc. has a one year low of $0.81 and a one year high of $1.77.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on CCO. Morgan Stanley decreased their price target on Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Barrington Research reaffirmed a "market perform" rating on shares of Clear Channel Outdoor in a report on Wednesday, July 23rd.

Institutional Trading of Clear Channel Outdoor

Hedge funds have recently bought and sold shares of the stock. EntryPoint Capital LLC purchased a new stake in Clear Channel Outdoor during the first quarter valued at approximately $31,000. Graham Capital Management L.P. bought a new stake in Clear Channel Outdoor during the 4th quarter valued at $36,000. Teacher Retirement System of Texas purchased a new stake in shares of Clear Channel Outdoor during the 1st quarter valued at $39,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Clear Channel Outdoor during the 4th quarter valued at $53,000. Finally, Brevan Howard Capital Management LP purchased a new position in Clear Channel Outdoor in the 4th quarter worth $92,000. Institutional investors own 85.52% of the company's stock.

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.