Clear Channel Outdoor (NYSE:CCO) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Clear Channel Outdoor (NYSE: CCO) experienced a trading volume of over 2 million shares, marking a 16% decrease from the previous session.
• Analysts have mixed opinions on the stock, with a consensus target price of $1.95 and ratings ranging from Buy to Sell.
• Major shareholder Ares Management sold 13 million shares of Clear Channel Outdoor, resulting in a significant decrease in their ownership stake by nearly 24%.

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) saw strong trading volume on Friday . 2,037,914 shares traded hands during trading, a decline of 16% from the previous session's volume of 2,438,809 shares.The stock last traded at $1.31 and had previously closed at $1.33.

Analyst Ratings Changes

Several research firms have commented on CCO. Morgan Stanley set a $1.75 target price on Clear Channel Outdoor in a report on Wednesday. Barrington Research reissued a "market perform" rating on shares of Clear Channel Outdoor in a research report on Wednesday, July 23rd. Finally, Citigroup raised their target price on Clear Channel Outdoor from $1.25 to $1.35 and gave the stock a "neutral" rating in a research note on Thursday. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $1.95.

Clear Channel Outdoor Trading Down 1.9%

The firm has a market capitalization of $648.60 million, a price-to-earnings ratio of 32.63 and a beta of 2.61. The company has a fifty day moving average price of $1.19 and a two-hundred day moving average price of $1.14.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The business services provider reported ($0.04) EPS for the quarter, meeting analysts' consensus estimates of ($0.04). The business had revenue of $402.81 million during the quarter, compared to analyst estimates of $397.37 million. Clear Channel Outdoor has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS.

Insider Buying and Selling

In other Clear Channel Outdoor news, major shareholder Ares Management Llc sold 13,000,000 shares of the business's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $1.13, for a total value of $14,690,000.00. Following the sale, the insider owned 41,197,491 shares of the company's stock, valued at $46,553,164.83. The trade was a 23.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Arturo R. Moreno bought 1,000,000 shares of the business's 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 transaction, the insider owned 65,612,859 shares of the company's stock, valued at $70,205,759.13. This trade represents a 1.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 1,478,507 shares of company stock worth $1,591,573. 7.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

Several hedge funds and other institutional investors have recently made changes to their positions in CCO. EntryPoint Capital LLC acquired a new position in Clear Channel Outdoor in the first quarter valued at $31,000. Graham Capital Management L.P. purchased a new position in shares of Clear Channel Outdoor during the 4th quarter worth approximately $36,000. Teacher Retirement System of Texas purchased a new stake in Clear Channel Outdoor in the 1st quarter worth approximately $39,000. Diversify Wealth Management LLC purchased a new stake in Clear Channel Outdoor in the 2nd quarter worth approximately $111,000. Finally, XTX Topco Ltd grew its stake in shares of 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 valued at $112,000 after buying an additional 17,292 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.