Insider Selling: Clear Channel Outdoor (NYSE:CCO) Director Sells $56,245,910.40 in Stock

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Director Raymond White sold 23,435,796 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total value 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. This represents a 99.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Clear Channel Outdoor Stock Up 0.2%

Shares of NYSE:CCO opened at $2.41 on Friday. The firm has a market cap of $1.22 billion, a P/E ratio of -13.36 and a beta of 1.96. Clear Channel Outdoor Holdings, Inc. has a 12-month low of $1.00 and a 12-month high of $2.43. The business has a fifty day simple moving average of $2.39 and a 200 day simple moving average of $2.27.

Clear Channel Outdoor (NYSE:CCO) last announced its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $373.86 million during the quarter, compared to analyst estimates of $348.71 million. As a group, equities research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.04 EPS for the current year.

Institutional Trading of Clear Channel Outdoor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors bought a new stake in Clear Channel Outdoor in the 4th quarter valued at about $27,000. EntryPoint Capital LLC bought a new stake in Clear Channel Outdoor in the 4th quarter valued at about $28,000. CTC Alternative Strategies Ltd. bought a new stake in Clear Channel Outdoor in the 1st quarter valued at about $32,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Clear Channel Outdoor in the 4th quarter valued at about $31,000. Finally, Sargent Investment Group LLC bought a new stake in Clear Channel Outdoor in the 4th quarter valued at about $33,000. 85.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CCO. TD Cowen reiterated a “hold” rating and set a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Wells Fargo & Company increased their price target on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Friday, March 27th. Five investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $2.29.

About Clear Channel Outdoor

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.