Legion Partners Asset Management has recently announced that it has increased stake in Clear Channel Outdoor Holdings Inc. (NYSE:CCO) by 7.08%. After grabbing 26.53 million shares, the institutional investor is now in possession of 1.75 million shares of the Communication Services Company. The new investment brought the stake of investor firm to 5.49% having worth around $29.18 million. Moreover, Morgan Stanley & Co. LLC increased its share by 0.74 million to have a control over 17.83 million shares. And JPMorgan Securities LLC raised its holdings to 7.7 million shares by acquiring 7.84 million shares or 1.62% of the stake.
Clear Channel Outdoor Holdings Inc. (CCO) concluded trading on 12/07/23 at a closing price of $1.53, with 2.53 million shares of worth about $3.87 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 14.18% during that period and on Thursday the price saw a gain of about 2.68%. Currently the company’s common shares owned by public are about 476.31M shares, out of which, 419.87M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the CCO stock and their offered price forecasts bring an average price target of $1.85. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $2.50 and could fall to a lowest price of $1.50. The stock’s current price level is 17.3% above of average price target set by the analysts, while a rise to estimated low would result in loss of -2.0% for the stock. However, touching the estimated high of $2.50 would mean a gain of 38.8% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 62 times over the past 12 months. They bought 14,191,213 shares in 45 of the transactions. In 17 selling transactions, insiders dumped 1,160,056 shares.
Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Clear Channel Outdoor Holdings Inc. Vanguard Total Stock Market ETF is currently holding 11.06 million shares of worth totaling $12.17 million. The company recently came buying 0.0 shares which brought its stake up to 2.29% of the company’s outstanding shares. iShares Russell 2000 ETF sold 87910.0 shares, after which its hold over company’s outstanding shares shrunk to 1.81%, leaving 8.75 million shares with the mutual fund that have a worth of about $9.63 million. Vanguard Small Cap Index Fund, after buying 8.69 million shares, have now control over 1.80% of the stake in the company. It holds 4230.0 shares of worth $9.56 million.
Clear Channel Outdoor Holdings Inc. (NYSE: CCO) started trading at $1.48, below -$0.01 from concluding price of the previous day. However, the stock later moved at a day high price of 1.5550, or with a gain of 2.68%. Stock saw a price change of 5.52% in past 5 days and over the past one month there was a price change of 35.40%. Year-to-date (YTD), CCO shares are showing a performance of 45.71% which increased to 51.49% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $0.95 but also hit the highest price of $2.14 during that period. The average intraday trading volume for Clear Channel Outdoor Holdings Inc. shares is 4.12 million. The stock is currently trading 9.91% above its 20-day simple moving average (SMA20), while that difference is up 19.27% for SMA50 and it goes to 13.78% higher than SMA200.
Legion Partners Asset Management acquired 26.53 million shares of Clear Channel Outdoor Holdings Inc. having value of about $29.18 million. Data submitted at the U.S SEC by Legion Partners Asset Management revealed that the firm now holds 1.75 million shares in the company valued at close to $2682712.71, or have control over 7.08% stake in the company. Clear Channel Outdoor Holdings Inc. (NYSE: CCO) currently have 476.31M outstanding shares and institutions hold larger chunk of about 95.99% of that. Holding of mutual funds in the company is about 35.97% while other institutional holders and individual stake holders have control over 72.22% and 23.26% of the stake respectively.
The stock has a current market capitalization of $739.01M and its 3Y-monthly beta is at 2.83. It has posted earnings per share of -$0.49 in the same period. It has Quick Ratio of 0.84. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CCO, volatility over the week remained 6.77% while standing at 6.32% over the month.
Analysts are in expectations that Clear Channel Outdoor Holdings Inc. (CCO) stock would likely to be making an EPS of $0.04 in the current quarter, while forecast for next quarter EPS is -$0.19 and it is -$0.22 for next year. For the current quarter EPS, analysts have given the company a lowest target $0 which is $0.08 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.2 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -165.14% while it is estimated to increase by 68.55% in next year. EPS is likely to shrink at an annualized rate of 7.00% for next 5-years, compared to annual growth of 35.22% made by the stock over the past 5-years.
Analysts at 6 brokerage firms have issued recommendations for the Clear Channel Outdoor Holdings Inc. (CCO)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.67. Out of those 6 Wall Street analysts, 2 recommended a “Buy” rating, while 3 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Wells Fargo on July 08, 2022 offering an Equal weight rating for the stock and assigned a target price range of between $4 and $1.50 to it.
