Clear Channel Outdoor Achieves New 52-Week High in Trading

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) experienced a significant surge in its stock price, reaching a new 52-week high during trading on November 6, 2023. The stock peaked at $2.0350 before closing at $2.0150, with a trading volume of 1,533,753 shares, up from a previous close of $1.99.

Analysts React to Stock Performance

Market reactions to Clear Channel Outdoor’s performance have been mixed. On November 13, Zacks Research downgraded the stock from a “strong-buy” rating to a “hold” rating. Conversely, Cowen reaffirmed a “buy” rating on October 20, and Citigroup raised its price target from $1.35 to $2.10, maintaining a “neutral” stance. TD Cowen also increased its price objective from $2.50 to $2.80 with a “buy” rating.

The consensus among analysts is now more cautious. According to MarketBeat.com, two analysts rate the stock as a “buy,” four as a “hold,” and two as a “sell,” resulting in an average rating of “hold” and a price target of $2.32.

Quarterly Earnings and Insider Activity

Clear Channel Outdoor’s recent quarterly earnings report, released on November 6, revealed that the company posted earnings per share of ($0.03), surpassing analysts’ expectations of ($0.04) by $0.01. The company reported revenues of $405.64 million, exceeding the consensus estimate of $402.03 million.

In related developments, major shareholder Ares Management LLC sold 13 million shares at an average price of $1.13 on September 10, resulting in a transaction valued at approximately $14.69 million. Following this sale, Ares Management’s remaining stake in Clear Channel Outdoor is valued at around $46.55 million, representing a 23.99% reduction in their holdings. Insider ownership currently stands at 7.20%.

Institutional investors have also shown interest in Clear Channel Outdoor. In the third quarter, Sanders Morris Harris LLC acquired a new stake valued at $25,000. CWM LLC increased its position by 97.9%, now holding 16,675 shares valued at $26,000 after purchasing an additional 8,248 shares. EntryPoint Capital LLC and Burney Co. have also made new investments in the company.

As of now, hedge funds and institutional investors own approximately 85.52% of Clear Channel Outdoor’s stock, reflecting strong institutional confidence in the company’s future.

Clear Channel Outdoor operates as a prominent out-of-home advertising company in the United States, Europe, and other regions. Its advertising offerings include billboards, street furniture displays, and transit advertising, allowing the company to maintain a diverse portfolio in the advertising sector.