Insider Buying: Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Buys 28,507 Shares of Stock

Key Points

• Arturo R. Moreno, a major shareholder of Clear Channel Outdoor, purchased 28,507 shares at an average cost of $1.09 per share, increasing his ownership by 0.04% to a total of 64,162,859 shares.
• Clear Channel Outdoor reported a net loss of ($0.11) earnings per share for the last quarter, slightly beating analyst expectations, although revenue fell short of estimates.
• Analysts have mixed views on the stock, with Morgan Stanley lowering its price target from $2.00 to $1.50 and maintaining an "equal weight" rating.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) major shareholder Arturo R. Moreno acquired 28,507 shares of Clear Channel Outdoor stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average cost of $1.09 per share, for a total transaction of $31,072.63. Following the completion of the purchase, the insider directly owned 64,162,859 shares in the company, valued at approximately $69,937,516.31. This represents a 0.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Clear Channel Outdoor Stock Performance

Shares of CCO stock traded down $0.02 during trading hours on Thursday, reaching $1.07. The company had a trading volume of 3,828,517 shares, compared to its average volume of 1,726,324. The company has a market capitalization of $529.00 million, a P/E ratio of -17.75 and a beta of 2.58. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $0.81 and a twelve month high of $1.77. The stock's fifty day simple moving average is $1.15 and its 200 day simple moving average is $1.18.

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 firm had revenue of $334.18 million during the quarter, compared to analyst estimates of $337.70 million.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in Clear Channel Outdoor during the 1st quarter worth $31,000. Graham Capital Management L.P. acquired a new stake in shares of Clear Channel Outdoor during the fourth quarter valued at about $36,000. Teacher Retirement System of Texas purchased a new stake in shares of Clear Channel Outdoor during the first quarter worth about $39,000. KLP Kapitalforvaltning AS acquired a new position in shares of Clear Channel Outdoor in the fourth quarter worth about $53,000. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Clear Channel Outdoor in the fourth quarter worth about $92,000. 85.52% of the stock is currently owned by hedge funds and other 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.

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