Uncovering Institutional Buying In Clear Channel Outdoor Holdings Inc. (NYSE: CCO)


    Ares Management LLC recently announced the acquisition of new stake in Clear Channel Outdoor Holdings Inc. (NYSE:CCO). The institutional investor has increased its shareholding in the Communication Services company by 1.58% to 32.18 million shares with purchase of 0.5 million shares. This fresh investment now brings its stake to 6.89% valued currently at $29.48 million. In addition, Brigade Capital Management LP raised its holdings by 4.37 million to 18.99 million shares. And Rubric Capital Management LP has lifted its position by 2.81% or 0.28 million shares – to 10.28 million shares.

    With over 1.17 million Clear Channel Outdoor Holdings Inc. (CCO) shares trading Monday and a closing price of $1.17 on the day, the dollar volume was approximately $1.37 million. The shares have shown a positive weekly performance of 6.36% and its price on 08/31/20 lost nearly -4.88%. Currently, there are 464.47M common shares owned by the public and among those 463.01M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for CCO have a consensus price objective of $1.59. The analysts have set the share’s price value over the next 12 months at a high of $2.00 and a low of $1.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Clear Channel Outdoor Holdings Inc. stock is 2.40 for the next 12 months. The average price target is 26.42% above its last price level and an upside to the estimated low will see the stock lose -17.0% over that period. But an upside of 41.5% will see the stock hit the forecast high price target while mean target price for the stock is $1.68.

    Insiders at the company have transacted a total of 35 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 2,140,261 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 403,822 shares.

    The top 3 mutual fund holders in Clear Channel Outdoor Holdings Inc. are Franklin Mutual Ser. Fds. – Quest, Vanguard Total Stock Market Index, and Fidelity Real Estate Investment P. Franklin Mutual Ser. Fds. – Quest owns 17.62 million shares of the company’s stock, all valued at over $16.14 million. Fidelity Real Estate Investment P sold -0.9 million shares to bring its total holdings to over 9.25 million shares at a value of $8.47 million. Fidelity Real Estate Investment P now owns shares totaling to 1.98% of the shares outstanding.

    Shares of Clear Channel Outdoor Holdings Inc. (NYSE: CCO) opened at $1.22, down -$0.01 from a prior closing price of $1.23. However, the script later closed the day at $1.17, down -4.88%. The company’s stock has a 5-day price change of 6.36% and 19.39% over the past three months. CCO shares are trading -59.09% year to date (YTD), with the 12-month market performance down to -55.00% lower. It has a 12-month low price of $0.36 and touched a high of $3.10 over the same period. Currently, 1.17 million shares have been traded, compared to an average intraday trading volume of 2.68 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.10%, 13.47%, and -26.59% respectively.

    Institutional ownership of Clear Channel Outdoor Holdings Inc. (NYSE: CCO) shares accounts for 97.30% of the company’s 464.47M shares outstanding. Mutual fund holders own 23.53%, while other institutional holders and individual stakeholders account for 77.06% and 18.56% respectively.

    It has a market capitalization of $520.12M and a beta (3y monthly) value of 2.10. The earnings-per-share (ttm) stands at -$1.30. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.34% over the week and 8.58% over the month.

    Analysts forecast that Clear Channel Outdoor Holdings Inc. (CCO) will achieve an EPS of -$0.28 for the current quarter, -$0.1 for the next quarter and -$0.57 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.33 while analysts give the company a high EPS estimate of -$0.19. Comparatively, EPS for the current quarter was -$0.46 a year ago. Earnings per share for the fiscal year are expected to decrease by -45.80%, and 55.50% over the next financial year. EPS should shrink at an annualized rate of 1.00% over the next five years, compared to 54.88% over the past 5-year period.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Clear Channel Outdoor Holdings Inc. (CCO) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 4 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”

    Looking at the support for the CCO, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on June 24, 2020, with the firm’s price target at. Barrington Research coverage for the Clear Channel Outdoor Holdings Inc. (CCO) stock in a research note released on April 01, 2020 offered a Mkt Perform rating with a price target of. JP Morgan was of a view on February 03, 2020 that the stock is Neutral, while Wells Fargo gave the stock Outperform rating on September 24, 2019, issuing a price target of. Cowen on their part issued Outperform rating on September 04, 2019.


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