Arturo R. Moreno Buys 1,000,000 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Stock

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 purchased 1,000,000 shares of the company's stock in a transaction on Thursday, July 31st. The shares were purchased at an average cost of $1.07 per share, with a total value of $1,070,000.00. Following the purchase, the insider owned 65,612,859 shares of the company's stock, 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 legal filing with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Clear Channel Outdoor Price Performance

Shares of NYSE:CCO traded up $0.04 during trading on Monday, reaching $1.06. 1,316,453 shares of the company were exchanged, compared to its average volume of 2,256,524. The firm has a market capitalization of $524.03 million, a PE ratio of -17.58 and a beta of 2.65. The business'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 12-month low of $0.81 and a 12-month high of $1.77.

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

Institutional Investors Weigh In On Clear Channel Outdoor

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Anson Funds Management LP lifted its position in Clear Channel Outdoor by 7.8% during the first quarter. Anson Funds Management LP now owns 18,076,186 shares of the business services provider's stock valued at $20,065,000 after purchasing an additional 1,310,680 shares during the period. Diameter Capital Partners LP grew its stake in Clear Channel Outdoor by 2,210.5% during the 4th quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider's stock valued at $13,843,000 after acquiring an additional 9,666,788 shares in the last quarter. Geode Capital Management LLC grew its stake in Clear Channel Outdoor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider's stock valued at $10,756,000 after acquiring an additional 34,262 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Clear Channel Outdoor by 9.0% in the 4th quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider's stock valued at $10,099,000 after buying an additional 610,110 shares during the period. Finally, Readystate Asset Management LP grew its stake in shares of Clear Channel Outdoor by 37.9% in the 1st quarter. Readystate Asset Management LP now owns 6,267,547 shares of the business services provider's stock valued at $6,957,000 after buying an additional 1,723,417 shares during the period. 85.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CCO has been the topic of a number of research analyst reports. Morgan Stanley reduced their target price on Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Barrington Research reiterated a "market perform" rating on shares of Clear Channel Outdoor in a research note on Wednesday, July 23rd.

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.