Clear Channel Outdoor (NYSE:CCO) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Unusually-high trading volume: About 8.50 million shares traded (up 26% from the prior session), with the stock last at $2.3850 after a $2.39 close.
• Analyst sentiment is weak: Five analysts rate CCO a Hold and two rate it a Sell, giving a consensus rating of "Reduce" and an average price target of $2.29.
• Mixed fundamentals and heavy institutional ownership: Market cap $1.19B and P/E 47.7, the company modestly beat quarterly EPS/revenue but is forecast to post -$0.04 EPS for the year, and institutions own 85.52% of the shares with several funds recently increasing stakes.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 8,496,304 shares changed hands during trading, an increase of 26% from the previous session's volume of 6,768,964 shares.The stock last traded at $2.3850 and had previously closed at $2.39.

Analyst Upgrades and Downgrades

CCO has been the topic of a number of recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Friday, March 27th. TD Cowen restated a "hold" rating and set a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Finally, Wells Fargo & Company upped their price target on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the company an "equal weight" rating in a research note on Friday, February 27th. Five research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $2.29.

Clear Channel Outdoor Stock Performance

The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 47.71 and a beta of 2.26. The stock's 50 day simple moving average is $2.38 and its 200-day simple moving average is $2.14.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The business services provider reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $461.52 million during the quarter, compared to analyst estimates of $449.10 million. On average, analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Trading of Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Anson Funds Management LP increased its stake in shares of Clear Channel Outdoor by 8.8% in the fourth quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider's stock worth $43,852,000 after acquiring an additional 1,604,125 shares during the period. Gamco Investors INC. ET AL increased its stake in shares of Clear Channel Outdoor by 10.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 8,126,375 shares of the business services provider's stock worth $17,959,000 after acquiring an additional 776,500 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Clear Channel Outdoor by 3.9% in the fourth quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider's stock worth $15,467,000 after acquiring an additional 260,716 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Clear Channel Outdoor by 12.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,389,630 shares of the business services provider's stock worth $11,911,000 after acquiring an additional 582,007 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider's stock worth $5,432,000 after acquiring an additional 912,632 shares during the period. Institutional investors and hedge funds 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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