Clear Channel Outdoor (NYSE:CCO) Sees Strong 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%.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) shares saw unusually-high trading volume on Friday . Approximately 2,037,914 shares changed 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.

Wall Street Analyst Weigh In

CCO has been the subject of a number of recent analyst reports. Barrington Research reissued a "market perform" rating on shares of Clear Channel Outdoor in a research report on Wednesday, July 23rd. Citigroup increased their target price on shares of Clear Channel Outdoor from $1.25 to $1.35 and gave the company a "neutral" rating in a research report on Thursday, September 11th. Finally, Morgan Stanley set a $1.75 target price on shares of Clear Channel Outdoor in a research report on Wednesday, September 10th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $1.95.

Clear Channel Outdoor Trading Up 8.9%

The company has a market cap of $698.30 million, a price-to-earnings ratio of 35.38 and a beta of 2.61. The firm's 50-day moving average price is $1.20 and its 200 day moving average price is $1.14.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The business services provider reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $402.81 million for 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.

Insiders Place Their Bets

In related news, major shareholder Ares Management Llc sold 13,000,000 shares of the stock in a transaction 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 transaction, the insider directly owned 41,197,491 shares in the company, valued at $46,553,164.83. This trade represents a 23.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Arturo R. Moreno bought 1,000,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $1.07 per share, for a total transaction of $1,070,000.00. Following the completion of the acquisition, the insider owned 65,612,859 shares in the company, valued at $70,205,759.13. This represents a 1.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,478,507 shares of company stock worth $1,591,573. 7.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Clear Channel Outdoor

Several large investors have recently bought and sold shares of CCO. Squarepoint Ops LLC raised its stake in shares of Clear Channel Outdoor by 4,516.1% during the 2nd quarter. Squarepoint Ops LLC now owns 548,946 shares of the business services provider's stock worth $642,000 after purchasing an additional 537,054 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Clear Channel Outdoor by 1,864.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 234,808 shares of the business services provider's stock worth $275,000 after purchasing an additional 222,853 shares during the period. Lazard Asset Management LLC bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth $293,000. Engineers Gate Manager LP raised its stake in shares of Clear Channel Outdoor by 140.5% during the 2nd quarter. Engineers Gate Manager LP now owns 177,545 shares of the business services provider's stock worth $208,000 after purchasing an additional 103,729 shares during the period. Finally, Brevan Howard Capital Management LP increased its holdings in Clear Channel Outdoor by 637.7% in the 2nd quarter. Brevan Howard Capital Management LP now owns 706,174 shares of the business services provider's stock worth $826,000 after acquiring an additional 610,448 shares during the last quarter. 85.52% of the stock is currently owned by institutional investors.

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.