Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Sees Large Drop in Short Interest

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 29,310,000 shares, a decrease of 5.2% from the October 15th total of 30,920,000 shares. Based on an average trading volume of 1,550,000 shares, the days-to-cover ratio is presently 18.9 days. Approximately 8.4% of the shares of the company are sold short.

Insider Activity

In other Clear Channel Outdoor news, major shareholder Arturo R. Moreno purchased 250,000 shares of Clear Channel Outdoor stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average price of $1.45 per share, for a total transaction of $362,500.00. Following the transaction, the insider now directly owns 52,182,534 shares in the company, valued at $75,664,674.30. This trade represents a 0.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.53% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of large investors have recently modified their holdings of CCO. Crewe Advisors LLC acquired a new position in Clear Channel Outdoor during the third quarter worth $32,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Clear Channel Outdoor during the 3rd quarter worth $34,000. Ground Swell Capital LLC acquired a new position in shares of Clear Channel Outdoor during the 3rd quarter worth $34,000. Stratos Wealth Advisors LLC purchased a new position in shares of Clear Channel Outdoor in the 3rd quarter valued at about $40,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Clear Channel Outdoor in the second quarter valued at about $55,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CCO has been the topic of a number of recent research reports. TD Cowen dropped their price objective on shares of Clear Channel Outdoor from $2.60 to $2.40 and set a “buy” rating on the stock in a research note on Friday, November 1st. Barrington Research reaffirmed an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a research note on Thursday, October 31st. Finally, Wells Fargo & Company downgraded Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $2.75 to $1.75 in a research note on Thursday, September 19th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $2.16.

Clear Channel Outdoor Stock Down 2.2 %

Shares of Clear Channel Outdoor stock opened at $1.54 on Tuesday. Clear Channel Outdoor has a 52-week low of $1.26 and a 52-week high of $2.06. The company’s 50-day simple moving average is $1.58 and its 200-day simple moving average is $1.53. The firm has a market cap of $750.74 million, a price-to-earnings ratio of -5.29 and a beta of 3.08.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.