Legion Partners Asset Management 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 7.08% to 26.53 million shares with purchase of 1.75 million shares. This fresh investment now brings its stake to 5.49% valued currently at $29.18 million. In addition, Morgan Stanley & Co. LLC raised its holdings by 0.74 million to 17.83 million shares. And JPMorgan Securities LLC has lifted its position by 5,493.78% or 7.7 million shares – to 7.84 million shares.
With over 3.92 million Clear Channel Outdoor Holdings Inc. (CCO) shares trading Tuesday and a closing price of $1.36 on the day, the dollar volume was approximately $5.34 million. The shares have shown a positive half year performance of 6.25% and its price on 11/28/23 gained nearly 3.03%. Currently, there are 476.31M common shares owned by the public and among those 423.67M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for CCO have a consensus price objective of $1.85. The analysts have set the share’s price value over the next 12 months at a high of $2.50 and a low of $1.50. The average price target is 26.49% above its recent price level and an upside to the estimated low will see the stock gain 9.33% over that period. But an upside of 45.6% will see the stock hit the forecast high price target while median target price for the stock is $1.50.
Insiders at the company have transacted a total of 62 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 45 of these insider trades were purchases, accounting for 14,191,213 shares. Insider sales of the common stock occurred on 17 occasions, with total insider shares sold totaling 1,160,056 shares.
The top 3 mutual fund holders in Clear Channel Outdoor Holdings Inc. are Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 11.06 million shares of the company’s stock, all valued at over $12.17 million. iShares Russell 2000 ETF sold 87910.0 shares to see its total holdings shrink to 8.75 million shares valued at over $9.63 million and representing 1.81% of the shares outstanding. Vanguard Small Cap Index Fund bought 4230.0 shares to bring its total holdings to over 8.69 million shares at a value of $9.56 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.80% of the shares outstanding.
Shares of Clear Channel Outdoor Holdings Inc. (NYSE: CCO) opened at $1.31, down -$0.01 from a prior closing price of $1.32. The company’s stock has a 5-day price change of -2.16% and -7.48% over the past three months. CCO shares are trading 29.52% year to date (YTD), with the 12-month market performance up to 29.52% higher. It has a 12-month low price of $0.95 and touched a high of $2.14 over the same period. CCO has an average intraday trading volume of 3.99 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 7.34%, 6.00%, and 0.39% respectively.
Institutional ownership of Clear Channel Outdoor Holdings Inc. (NYSE: CCO) shares accounts for 95.99% of the company’s 476.31M shares outstanding. Mutual fund holders own 35.97%, while other institutional holders and individual stakeholders account for 72.32% and 23.17% respectively.
It has a market capitalization of $656.89M and a beta (3y monthly) value of 2.62. The earnings-per-share (ttm) stands at -$0.49. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.02% over the week and 6.89% over the month.
Analysts forecast that Clear Channel Outdoor Holdings Inc. (CCO) will achieve an EPS of $0.04 for the current quarter, -$0.19 for the next quarter and -$0.22 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.08. Comparatively, EPS for the current quarter was $0.2 a year ago. Earnings per share for the fiscal year are expected to decrease by -165.14%, and 68.55% over the next financial year. EPS should shrink at an annualized rate of 7.00% over the next five years, compared to 35.22% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Clear Channel Outdoor Holdings Inc. (CCO) as a “Moderate Buy” at a consensus score of 2.67. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 3 of the 6 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the CCO, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on July 08, 2022, with the firm’s price target at $4-$1.50.
