Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Short Interest Update

Clear Channel Outdoor Holdings, Inc. (NYSE:CCOGet Rating) was the target of a large growth in short interest in December. As of December 30th, there was short interest totalling 33,080,000 shares, a growth of 7.6% from the December 15th total of 30,730,000 shares. Approximately 7.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,000,000 shares, the days-to-cover ratio is presently 16.5 days.

Clear Channel Outdoor Stock Performance

Shares of CCO stock opened at $1.51 on Monday. Clear Channel Outdoor has a 52-week low of $0.91 and a 52-week high of $4.10. The firm has a market capitalization of $718.84 million, a P/E ratio of -5.39 and a beta of 2.28. The stock has a 50 day moving average price of $1.12 and a 200 day moving average price of $1.37.

Clear Channel Outdoor (NYSE:CCOGet Rating) last issued its quarterly earnings results on Tuesday, November 8th. The business services provider reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). The company had revenue of $602.91 million during the quarter, compared to analysts’ expectations of $602.35 million. As a group, sell-side analysts forecast that Clear Channel Outdoor will post -0.25 EPS for the current year.

Insider Buying and Selling at Clear Channel Outdoor

In related news, major shareholder Ares Management Llc bought 300,000 shares of the company’s stock in a transaction dated Thursday, January 19th. The stock was purchased at an average price of $1.33 per share, for a total transaction of $399,000.00. Following the acquisition, the insider now owns 52,401,580 shares in the company, valued at $69,694,101.40. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders bought 1,030,000 shares of company stock worth $1,401,700 in the last quarter. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of institutional investors and hedge funds have recently bought and sold shares of CCO. Zazove Associates LLC bought a new stake in Clear Channel Outdoor during the 3rd quarter valued at $6,508,000. Penn Capital Management Company LLC raised its position in Clear Channel Outdoor by 1,335.3% during the 2nd quarter. Penn Capital Management Company LLC now owns 3,926,562 shares of the business services provider’s stock valued at $4,201,000 after purchasing an additional 3,652,990 shares in the last quarter. Aristeia Capital LLC raised its position in Clear Channel Outdoor by 786.9% during the 3rd quarter. Aristeia Capital LLC now owns 3,725,000 shares of the business services provider’s stock valued at $5,103,000 after purchasing an additional 3,305,000 shares in the last quarter. Franklin Resources Inc. raised its position in Clear Channel Outdoor by 68.6% during the 2nd quarter. Franklin Resources Inc. now owns 7,329,745 shares of the business services provider’s stock valued at $7,844,000 after purchasing an additional 2,982,276 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Clear Channel Outdoor by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 37,671,943 shares of the business services provider’s stock valued at $130,345,000 after purchasing an additional 2,381,643 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CCO shares. StockNews.com started coverage on Clear Channel Outdoor in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Barrington Research dropped their target price on Clear Channel Outdoor from $3.25 to $2.50 in a report on Wednesday, November 16th. Morgan Stanley dropped their target price 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, Citigroup decreased their price target on Clear Channel Outdoor from $1.65 to $1.10 in a research note on Tuesday, November 22nd.

Clear Channel Outdoor Company Profile

(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.

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