Barrington Research Trims Clear Channel Outdoor (NYSE:CCO) Target Price to $2.50

Clear Channel Outdoor (NYSE:CCOGet Rating) had its price objective lowered by Barrington Research from $3.25 to $2.50 in a report published on Wednesday morning, The Fly reports. Barrington Research also issued estimates for Clear Channel Outdoor’s Q4 2023 earnings at $0.06 EPS.

A number of other research firms have also recently weighed in on CCO. Cowen lowered their price objective on Clear Channel Outdoor to $3.50 in a research report on Monday, August 15th. Morgan Stanley lowered their price target on Clear Channel Outdoor from $2.00 to $1.50 and set an equal weight rating for the company in a report on Wednesday, November 9th. Finally, StockNews.com began coverage on shares of Clear Channel Outdoor in a report on Wednesday, October 12th. They set a hold rating on the stock.

Clear Channel Outdoor Stock Down 2.8 %

NYSE CCO opened at $1.06 on Wednesday. The firm has a market cap of $504.61 million, a PE ratio of -3.79 and a beta of 2.43. Clear Channel Outdoor has a 52 week low of $0.91 and a 52 week high of $4.10. The company has a 50 day moving average price of $1.47 and a 200 day moving average price of $1.50.

Insider Activity

In other news, major shareholder Ares Management Llc bought 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 28th. The shares were purchased at an average price of $1.40 per share, for a total transaction of $280,000.00. Following the completion of the transaction, the insider now directly owns 48,271,580 shares in the company, valued at $67,580,212. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have bought 1,800,000 shares of company stock valued at $2,706,000. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Clear Channel Outdoor by 2.9% during the 3rd quarter. Vanguard Group Inc. now owns 42,561,409 shares of the business services provider’s stock worth $58,309,000 after purchasing an additional 1,212,809 shares during the period. State Street Corp grew its holdings in Clear Channel Outdoor by 4.6% during the second quarter. State Street Corp now owns 8,315,647 shares of the business services provider’s stock worth $8,898,000 after acquiring an additional 368,576 shares during the period. Diameter Capital Partners LP purchased a new position in Clear Channel Outdoor during the first quarter valued at approximately $25,915,000. Franklin Resources Inc. lifted its holdings in Clear Channel Outdoor by 68.6% in the second quarter. Franklin Resources Inc. now owns 7,329,745 shares of the business services provider’s stock valued at $7,844,000 after acquiring an additional 2,982,276 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Clear Channel Outdoor by 34.6% during the 2nd quarter. Millennium Management LLC now owns 5,512,304 shares of the business services provider’s stock worth $5,898,000 after purchasing an additional 1,418,103 shares during the period. 96.70% of the stock is currently owned by institutional investors and hedge funds.

About Clear Channel Outdoor

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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.

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