Insider Selling: Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Major Shareholder Sells 561,112 Shares of Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCOGet Rating) major shareholder Pacific Investment Management sold 561,112 shares of the firm’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $1.58, for a total value of $886,556.96. Following the completion of the transaction, the insider now directly owns 104,872,541 shares in the company, valued at approximately $165,698,614.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

CCO stock traded up $0.04 during trading on Thursday, reaching $1.59. The company had a trading volume of 1,581,552 shares, compared to its average volume of 3,023,236. The firm has a 50-day simple moving average of $2.58 and a 200-day simple moving average of $3.07. The company has a market cap of $749.44 million, a price-to-earnings ratio of -3.79 and a beta of 2.41. Clear Channel Outdoor Holdings, Inc. has a twelve month low of $1.42 and a twelve month high of $4.10.

Clear Channel Outdoor (NYSE:CCOGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The business services provider reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.04). The business had revenue of $525.69 million for the quarter, compared to the consensus estimate of $536.95 million. During the same period in the previous year, the company earned ($0.42) earnings per share. As a group, analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of CCO. Stratos Wealth Advisors LLC purchased a new position in shares of Clear Channel Outdoor during the 4th quarter valued at approximately $33,000. Sequoia Financial Advisors LLC acquired a new stake in Clear Channel Outdoor during the 1st quarter worth $35,000. Wealth Advisors of Iowa LLC acquired a new stake in Clear Channel Outdoor during the 1st quarter worth $42,000. Sciencast Management LP acquired a new stake in Clear Channel Outdoor during the 1st quarter worth $45,000. Finally, Eudaimonia Advisors LLC acquired a new stake in Clear Channel Outdoor during the 4th quarter worth $48,000. 92.20% of the stock is owned by institutional investors.

Several research firms have weighed in on CCO. Zacks Investment Research upgraded Clear Channel Outdoor from a “sell” rating to a “hold” rating in a report on Friday, May 13th. StockNews.com began coverage on Clear Channel Outdoor in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Barrington Research decreased their target price on Clear Channel Outdoor from $5.00 to $3.25 in a research report on Friday, May 13th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.13.

About Clear Channel Outdoor (Get Rating)

Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures.

Recommended Stories

Want More Great Investing Ideas?

Receive News & Ratings for Clear Channel Outdoor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clear Channel Outdoor and related companies with MarketBeat.com's FREE daily email newsletter.