Clear Channel Outdoor (NYSE:CCO) Issues Quarterly Earnings Results, Meets Estimates

Clear Channel Outdoor (NYSE:CCO) announced its quarterly earnings data on Tuesday. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01), FiscalAI reports. The firm had revenue of $438.04 million for the quarter, compared to analysts’ expectations of $423.62 million.

Clear Channel Outdoor Trading Down 0.6%

NYSE:CCO traded down $0.01 during trading hours on Wednesday, hitting $2.42. The stock had a trading volume of 4,582,256 shares, compared to its average volume of 7,110,119. Clear Channel Outdoor has a 1-year low of $1.02 and a 1-year high of $2.44. The business has a 50 day simple moving average of $2.41 and a two-hundred day simple moving average of $2.36. The company has a market cap of $1.23 billion, a PE ratio of -13.42 and a beta of 1.95.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Clear Channel Outdoor currently has a consensus rating of “Reduce” and an average price target of $2.29.

Insider Activity at Clear Channel Outdoor

In other news, Director Raymond T. White sold 23,435,796 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the transaction, the director directly owned 187,371 shares of the company’s stock, valued at approximately $449,690.40. The trade was a 99.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 26,239,967 shares of company stock worth $62,975,921 over the last 90 days. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of institutional investors have recently added to or reduced their stakes in CCO. Barclays PLC grew its stake in shares of Clear Channel Outdoor by 3,017.0% during the third quarter. Barclays PLC now owns 4,109,743 shares of the business services provider’s stock valued at $6,493,000 after acquiring an additional 3,977,895 shares in the last quarter. Marshall Wace LLP purchased a new position in Clear Channel Outdoor in the fourth quarter valued at about $5,925,000. Dark Forest Capital Management LP acquired a new stake in Clear Channel Outdoor during the 3rd quarter valued at approximately $3,613,000. Susquehanna Advisors Group Inc. purchased a new stake in Clear Channel Outdoor during the 3rd quarter worth approximately $3,020,000. Finally, Jane Street Group LLC raised its position in shares of Clear Channel Outdoor by 252.5% in the 2nd quarter. Jane Street Group LLC now owns 2,347,451 shares of the business services provider’s stock valued at $2,747,000 after purchasing an additional 1,681,454 shares in the last quarter. Institutional investors and hedge funds own 85.52% of the company’s stock.

Clear Channel Outdoor Company Profile

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.