CLEAR CHANNEL O/SH (NYSE:CCO) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 2,619,300 shares, a decrease of 53.2% from the June 30th total of 5,592,100 shares. Currently, 7.0% of the company’s stock are short sold. Based on an average daily trading volume, of 2,870,000 shares, the short-interest ratio is currently 0.9 days.
Shares of NYSE:CCO opened at $2.33 on Wednesday. The firm has a market cap of $1.11 billion, a PE ratio of -4.01 and a beta of 0.72. The stock’s fifty day simple moving average is $3.78. CLEAR CHANNEL O/SH has a 1-year low of $2.06 and a 1-year high of $6.38.
A number of equities research analysts have commented on CCO shares. Zacks Investment Research raised shares of CLEAR CHANNEL O/SH from a “hold” rating to a “buy” rating and set a $2.50 price objective on the stock in a research report on Friday, August 9th. Raymond James reissued an “average” rating and issued a $16.00 price objective on shares of CLEAR CHANNEL O/SH in a research report on Friday, July 26th. Wolfe Research downgraded shares of CLEAR CHANNEL O/SH from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 11th. TheStreet downgraded shares of CLEAR CHANNEL O/SH from a “c-” rating to a “d” rating in a research report on Tuesday, May 7th. Finally, Barrington Research reissued a “buy” rating and issued a $6.50 price objective on shares of CLEAR CHANNEL O/SH in a research report on Monday, April 29th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $10.63.
In related news, CEO Christopher William Eccleshare sold 82,453 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $5.16, for a total transaction of $425,457.48. Following the sale, the chief executive officer now directly owns 984,712 shares of the company’s stock, valued at approximately $5,081,113.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.70% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in CCO. Allianz Asset Management GmbH purchased a new position in shares of CLEAR CHANNEL O/SH in the 2nd quarter valued at about $492,110,000. Third Point LLC purchased a new position in CLEAR CHANNEL O/SH during the 2nd quarter valued at about $37,760,000. JPMorgan Chase & Co. increased its holdings in CLEAR CHANNEL O/SH by 13,931.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,890,555 shares of the business services provider’s stock valued at $31,971,000 after acquiring an additional 6,841,446 shares in the last quarter. BlackRock Inc. increased its holdings in CLEAR CHANNEL O/SH by 132.8% during the 2nd quarter. BlackRock Inc. now owns 6,391,907 shares of the business services provider’s stock valued at $30,169,000 after acquiring an additional 3,646,360 shares in the last quarter. Finally, Gabelli Funds LLC increased its holdings in CLEAR CHANNEL O/SH by 1.3% during the 2nd quarter. Gabelli Funds LLC now owns 3,167,701 shares of the business services provider’s stock valued at $14,952,000 after acquiring an additional 40,000 shares in the last quarter. Institutional investors own 9.22% of the company’s stock.
CLEAR CHANNEL O/SH Company Profile
Clear Channel Outdoor Holdings, Inc, an outdoor advertising company, owns and operates advertising display faces in the United States and internationally. It operates through two segments, Americas Outdoor Advertising and International Outdoor Advertising. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; and other displays comprising spectaculars and wallscapes, as well as retail and other small displays.
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