Clear Channel Outdoor (NYSE:CCO) Issues Quarterly Earnings Results, Hits Expectations

Key Points

• Clear Channel Outdoor met earnings expectations, reporting quarterly EPS of $(0.01), while revenue of $438.04 million exceeded analyst estimates of $423.62 million.
• Shares traded near a one-year high at $2.42, but analysts remain cautious: the consensus rating is “Reduce” with an average price target of $2.29.
• Insider selling was significant, with insiders selling 26.2 million shares worth approximately $63.0 million in the past quarter; institutional investors own 85.52% of the company.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) released its quarterly earnings results on Tuesday. The business services provider reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01), FiscalAI reports. The business had revenue of $438.04 million during the quarter, compared to analyst estimates of $423.62 million.

Clear Channel Outdoor Price Performance

Shares of Clear Channel Outdoor stock traded down $0.01 during trading hours on Wednesday, reaching $2.42. The company had a trading volume of 4,476,196 shares, compared to its average volume of 7,109,146. Clear Channel Outdoor has a one year low of $1.02 and a one year high of $2.44. The business has a fifty day simple moving average of $2.41 and a 200 day simple moving average of $2.36. The firm has a market cap of $1.23 billion, a PE ratio of -13.42 and a beta of 1.95.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $2.29.

Insiders Place Their Bets

In related news, Director Raymond T. White sold 2,500,900 shares of Clear Channel Outdoor stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the sale, the director directly owned 91,003 shares in the company, valued at $218,407.20. The trade was a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 26,239,967 shares of company stock valued at $62,975,921 in the last quarter. Insiders own 7.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors bought a new position in shares of Clear Channel Outdoor during the 4th quarter worth approximately $27,000. EntryPoint Capital LLC purchased a new stake in Clear Channel Outdoor in the fourth quarter valued at approximately $28,000. Sargent Investment Group LLC purchased a new position in Clear Channel Outdoor during the 4th quarter worth approximately $33,000. Zacks Investment Management purchased a new stake in shares of Clear Channel Outdoor in the 3rd quarter valued at $36,000. Finally, Amundi purchased a new position in shares of Clear Channel Outdoor during the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 85.52% of the company's stock.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc NYSE: CCO is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company's portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.

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