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

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 34,210,000 shares, an increase of 7.6% from the May 31st total of 31,780,000 shares. Approximately 8.4% of the shares of the company are short sold. Based on an average trading volume of 1,810,000 shares, the short-interest ratio is presently 18.9 days.

Wall Street Analysts Forecast Growth

Separately, Barrington Research restated an “outperform” rating and issued a $2.50 target price on shares of Clear Channel Outdoor in a research report on Tuesday, May 28th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.16.

Clear Channel Outdoor Stock Up 9.4 %

Shares of Clear Channel Outdoor stock traded up $0.14 during trading on Tuesday, hitting $1.57. The stock had a trading volume of 2,169,974 shares, compared to its average volume of 2,130,951. The company has a market capitalization of $764.83 million, a PE ratio of -2.03 and a beta of 3.09. Clear Channel Outdoor has a 1 year low of $1.04 and a 1 year high of $2.06. The stock has a 50 day simple moving average of $1.45 and a 200 day simple moving average of $1.61.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Thursday, May 9th. The business services provider reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $481.75 million during the quarter, compared to analyst estimates of $480.69 million. During the same quarter in the prior year, the company earned ($0.23) EPS. As a group, equities analysts expect that Clear Channel Outdoor will post -0.25 earnings per share for the current fiscal year.

Institutional Trading of Clear Channel Outdoor

Several large investors have recently added to or reduced their stakes in CCO. Legion Partners Asset Management LLC grew its holdings in Clear Channel Outdoor by 7.1% during the third quarter. Legion Partners Asset Management LLC now owns 26,530,196 shares of the business services provider’s stock valued at $41,918,000 after purchasing an additional 1,753,407 shares during the last quarter. Gamco Investors INC. ET AL lifted its position in Clear Channel Outdoor by 21.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock worth $5,658,000 after acquiring an additional 610,500 shares during the last quarter. Wolverine Asset Management LLC boosted its holdings in Clear Channel Outdoor by 40.7% during the fourth quarter. Wolverine Asset Management LLC now owns 1,390,168 shares of the business services provider’s stock valued at $2,530,000 after acquiring an additional 402,032 shares during the period. Readystate Asset Management LP grew its position in shares of Clear Channel Outdoor by 64.2% in the fourth quarter. Readystate Asset Management LP now owns 957,401 shares of the business services provider’s stock valued at $1,742,000 after purchasing an additional 374,347 shares during the last quarter. Finally, Apollo Management Holdings L.P. bought a new position in shares of Clear Channel Outdoor in the first quarter worth about $426,000. 85.52% of the stock is owned by institutional investors.

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.