Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Arturo R. Moreno Purchases 1,000,000 Shares

Key Points

• Arturo R. Moreno, a major shareholder of Clear Channel Outdoor, purchased 1,000,000 shares at $1.07 each, increasing his stake to approximately 65.6 million shares valued at $70.2 million.
• The stock's current price is $1.07, with a trading volume significantly above average, and it has a market cap of $529 million.
• Research analysts have recently adjusted their forecasts, with Morgan Stanley lowering its target price from $2.00 to $1.50 while maintaining an "equal weight" rating for the company.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) major shareholder Arturo R. Moreno acquired 1,000,000 shares of Clear Channel Outdoor stock in a transaction on Thursday, July 31st. The stock was purchased at an average cost of $1.07 per share, for a total transaction of $1,070,000.00. Following the purchase, the insider owned 65,612,859 shares in the company, valued at approximately $70,205,759.13. The trade was a 1.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Clear Channel Outdoor Price Performance

Shares of NYSE:CCO traded down $0.02 during trading on Thursday, hitting $1.07. The company had a trading volume of 3,828,517 shares, compared to its average volume of 1,726,324. The stock has a market cap of $529.00 million, a price-to-earnings ratio of -17.75 and a beta of 2.58. The company has a fifty day simple moving average of $1.15 and a two-hundred day simple moving average of $1.18. 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 released its quarterly earnings results on Thursday, May 1st. The business services provider reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $334.18 million for the quarter, compared to analysts' expectations of $337.70 million.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Morgan Stanley lowered their target price on Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Barrington Research reiterated a "market perform" rating on shares of Clear Channel Outdoor in a research report on Wednesday, July 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.

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