Clear Channel Outdoor (NYSE:CCO) Hits New 52-Week High – Here’s What Happened

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) reached a new 52-week high during trading on Monday . The company traded as high as $2.0350 and last traded at $2.0150, with a volume of 1533753 shares. The stock had previously closed at $1.99.

Wall Street Analyst Weigh In

Several research analysts recently commented on CCO shares. Zacks Research downgraded shares of Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 13th. Cowen restated a “buy” rating on shares of Clear Channel Outdoor in a research note on Monday, October 20th. Citigroup lifted their price target on shares of Clear Channel Outdoor from $1.35 to $2.10 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. TD Cowen increased their price objective on Clear Channel Outdoor from $2.50 to $2.80 and gave the stock a “buy” rating in a research note on Monday, October 20th. Finally, Wall Street Zen downgraded Clear Channel Outdoor from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.32.

Clear Channel Outdoor Stock Performance

The firm has a market capitalization of $982.17 million, a PE ratio of -197.50 and a beta of 2.27. The stock has a fifty day moving average price of $1.73 and a 200-day moving average price of $1.38.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings data on Thursday, November 6th. The business services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $405.64 million for the quarter, compared to the consensus estimate of $402.03 million.

Insider Activity

In related 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 shares were sold at an average price of $1.13, for a total transaction of $14,690,000.00. Following the completion of the transaction, the insider owned 41,197,491 shares in the company, valued at $46,553,164.83. The trade was a 23.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 7.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Clear Channel Outdoor

Several institutional investors and hedge funds have recently bought and sold shares of CCO. Sanders Morris Harris LLC purchased a new stake in shares of Clear Channel Outdoor during the 3rd quarter valued at $25,000. CWM LLC increased its position in Clear Channel Outdoor by 97.9% during the 3rd quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock valued at $26,000 after buying an additional 8,248 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Clear Channel Outdoor during the 1st quarter valued at about $31,000. Burney Co. purchased a new stake in Clear Channel Outdoor in the third quarter valued at about $32,000. Finally, Advisors Capital Management LLC boosted its holdings in Clear Channel Outdoor by 91.7% in the third quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock worth $36,000 after acquiring an additional 11,000 shares in the last quarter. 85.52% of the stock is 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.