Pacific Investment Management Sells 12,584 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) major shareholder Pacific Investment Management sold 12,584 shares of Clear Channel Outdoor stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1.55, for a total transaction of $19,505.20. Following the sale, the insider now owns 104,859,957 shares of the company’s stock, valued at $162,532,933.35. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Clear Channel Outdoor Price Performance

Shares of Clear Channel Outdoor stock opened at $1.53 on Friday. Clear Channel Outdoor Holdings, Inc. has a 1 year low of $0.99 and a 1 year high of $2.06. The company has a market capitalization of $737.67 million, a P/E ratio of -2.35 and a beta of 2.88. The business has a 50 day moving average price of $1.69 and a 200 day moving average price of $1.55.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings data on Monday, February 26th. The business services provider reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $632.11 million for the quarter, compared to analyst estimates of $611.62 million. During the same quarter in the prior year, the firm earned $0.24 earnings per share. As a group, research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.24 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CCO. StockNews.com upgraded shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research report on Friday, February 16th. Barrington Research reiterated an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research report on Tuesday, February 27th. Morgan Stanley lifted their price target on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 28th. Finally, Wells Fargo & Company upgraded Clear Channel Outdoor from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $1.50 to $2.75 in a research report on Wednesday, December 20th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Clear Channel Outdoor currently has a consensus rating of “Hold” and an average price target of $2.16.

Institutional Trading of Clear Channel Outdoor

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp grew its stake in Clear Channel Outdoor by 15.2% in the 1st quarter. Mackenzie Financial Corp now owns 41,024 shares of the business services provider’s stock worth $142,000 after acquiring an additional 5,400 shares during the period. Envestnet Asset Management Inc. grew its stake in Clear Channel Outdoor by 7.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 83,574 shares of the business services provider’s stock worth $88,000 after acquiring an additional 5,814 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Clear Channel Outdoor by 2.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 298,308 shares of the business services provider’s stock worth $313,000 after acquiring an additional 6,076 shares during the period. Invesco Ltd. grew its stake in Clear Channel Outdoor by 0.6% in the 3rd quarter. Invesco Ltd. now owns 1,310,820 shares of the business services provider’s stock worth $2,071,000 after acquiring an additional 7,872 shares during the period. Finally, Alliancebernstein L.P. grew its stake in Clear Channel Outdoor by 2.1% in the 3rd quarter. Alliancebernstein L.P. now owns 383,300 shares of the business services provider’s stock worth $525,000 after acquiring an additional 8,000 shares during the period. 85.52% of the stock is owned by hedge funds and other institutional investors.

About Clear Channel Outdoor

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.