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

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

Hedge Funds Weigh In On Clear Channel Outdoor

Hedge funds have recently bought and sold shares of the business. Legion Partners Asset Management LLC grew its stake 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 worth $41,918,000 after buying an additional 1,753,407 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in Clear Channel Outdoor by 21.7% during the first quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock worth $5,658,000 after buying an additional 610,500 shares in the last quarter. Wolverine Asset Management LLC grew its stake 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 worth $2,530,000 after buying an additional 402,032 shares in the last quarter. Readystate Asset Management LP grew its stake in Clear Channel Outdoor by 64.2% during the fourth quarter. Readystate Asset Management LP now owns 957,401 shares of the business services provider’s stock worth $1,742,000 after buying an additional 374,347 shares in the last quarter. Finally, Apollo Management Holdings L.P. acquired a new stake in Clear Channel Outdoor during the first quarter worth about $426,000. 85.52% of the stock is owned by institutional investors.

Clear Channel Outdoor Stock Performance

NYSE:CCO traded up $0.02 during mid-day trading on Wednesday, reaching $1.58. 744,587 shares of the company’s stock were exchanged, compared to its average volume of 2,120,035. Clear Channel Outdoor has a one year low of $1.04 and a one year high of $2.06. The firm has a market capitalization of $772.16 million, a PE ratio of -2.08 and a beta of 3.09. The business’s fifty day simple moving average is $1.45 and its two-hundred day simple moving average is $1.61.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings results on Thursday, May 9th. The business services provider reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $481.75 million for the quarter, compared to the consensus estimate of $480.69 million. During the same period in the prior year, the business posted ($0.23) earnings per share. As a group, equities research analysts forecast that Clear Channel Outdoor will post -0.25 EPS for the current year.

Analyst Ratings Changes

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

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.