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 the month of 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 daily trading volume, of 1,810,000 shares, the days-to-cover ratio is presently 18.9 days. Currently, 8.4% of the shares of the company are short sold.

Hedge Funds Weigh In On Clear Channel Outdoor

Several large investors have recently modified their holdings of the stock. Apollo Management Holdings L.P. bought a new position in Clear Channel Outdoor in the 1st quarter valued at $426,000. Price T Rowe Associates Inc. MD grew its position in Clear Channel Outdoor by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 322,600 shares of the business services provider’s stock valued at $534,000 after acquiring an additional 17,901 shares during the last quarter. Gabelli Funds LLC grew its position in Clear Channel Outdoor by 6.6% in the 1st quarter. Gabelli Funds LLC now owns 2,275,000 shares of the business services provider’s stock valued at $3,754,000 after acquiring an additional 140,000 shares during the last quarter. Gamco Investors INC. ET AL grew its position in Clear Channel Outdoor by 21.7% in the 1st quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock valued at $5,658,000 after acquiring an additional 610,500 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Clear Channel Outdoor by 8.6% in the 1st quarter. Russell Investments Group Ltd. now owns 290,550 shares of the business services provider’s stock valued at $479,000 after acquiring an additional 23,067 shares during the last quarter. Institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Stock Performance

NYSE:CCO traded up $0.02 during trading hours on Wednesday, reaching $1.58. The stock had a trading volume of 744,587 shares, compared to its average volume of 2,120,035. Clear Channel Outdoor has a 52 week low of $1.04 and a 52 week high of $2.06. The company has a 50 day moving average price of $1.45 and a two-hundred day moving average price of $1.61. The stock has a market capitalization of $772.16 million, a PE ratio of -2.08 and a beta of 3.09.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Thursday, May 9th. The business services provider reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.01. The company 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 firm posted ($0.23) EPS. Equities research analysts predict that Clear Channel Outdoor will post -0.25 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $2.50 price objective on shares of Clear Channel Outdoor in a research note on Tuesday, May 28th. Three research 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.com, the stock presently 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.