Clear Channel Outdoor Holdings Inc. [NYSE: CCO] stock went on an upward path that rose over 0.65% on Tuesday, amounting to a one-week price decrease of less than -9.30%. The company report on March 4, 2024 at 4:05 PM that Clear Channel Outdoor Holdings, Inc. Announces Pricing of Senior Secured Notes Due 2030.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) announced today that it priced an offering (the “Offering”) of $865,000,000 aggregate principal amount of 7.875% Senior Secured Notes due 2030 (the “Notes”). The issuance and sale of the Notes is expected to be completed on March 18, 2024, subject to customary closing conditions.
The Notes will be guaranteed on a senior secured basis by certain of the Company’s wholly owned domestic subsidiaries (the “Guarantors”). The Notes and the related guarantees will be secured, subject to permitted liens and certain other exceptions, on a first-priority basis by security interests in all of the Company’s and the Guarantors’ assets securing the Company’s existing senior secured credit facilities and existing senior secured notes (other than accounts receivable and related assets securing the Company’s existing receivables-based credit facility (the “Receivables Facility”)) and, on a second-priority basis, by accounts receivable and related assets securing the Receivables Facility.
Over the last 12 months, CCO stock rose by 43.12%. The one-year Clear Channel Outdoor Holdings Inc. stock forecast points to a potential upside of 31.88. The average equity rating for CCO stock is currently 2.33, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $754.60 million, with 483.06 million shares outstanding and 418.47 million shares in the current float. Compared to the average trading volume of 2.27M shares, CCO stock reached a trading volume of 4596909 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Clear Channel Outdoor Holdings Inc. [CCO]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CCO shares is $2.29 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CCO stock is a recommendation set at 2.33. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wells Fargo have made an estimate for Clear Channel Outdoor Holdings Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on December 20, 2023. While these analysts kept the previous recommendation, Wells Fargo dropped their target price from $4 to $1.50. The new note on the price target was released on July 08, 2022, representing the official price target for Clear Channel Outdoor Holdings Inc. stock. Previously, the target price had yet another raise to $5, while Barrington Research analysts kept a Outperform rating on CCO stock.
The Average True Range (ATR) for Clear Channel Outdoor Holdings Inc. is set at 0.11, with the Price to Sales ratio for CCO stock in the period of the last 12 months amounting to 0.32.
CCO Stock Performance Analysis:
Clear Channel Outdoor Holdings Inc. [CCO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.30. With this latest performance, CCO shares dropped by -13.33% in over the last four-week period, additionally plugging by 9.09% over the last 6 months – not to mention a rise of 43.12% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CCO stock in for the last two-week period is set at 39.31, with the RSI for the last a single of trading hit 33.20, and the three-weeks RSI is set at 42.91 for Clear Channel Outdoor Holdings Inc. [CCO]. The present Moving Average for the last 50 days of trading for this stock 1.7252, while it was recorded at 1.6000 for the last single week of trading, and 1.5110 for the last 200 days.
Insight into Clear Channel Outdoor Holdings Inc. Fundamentals:
Clear Channel Outdoor Holdings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.08 and a Current Ratio set at 1.08.
CCO Stock EPS
With the latest financial reports released by the company, Clear Channel Outdoor Holdings Inc. posted -0.07/share EPS, while the average EPS was predicted by analysts to be reported at -0.18/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 61.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CCO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Clear Channel Outdoor Holdings Inc. go to 7.00%.
Clear Channel Outdoor Holdings Inc. [CCO] Institutonal Ownership Details
The top three institutional holders of CCO stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CCO stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CCO stock with ownership which is approximately 5.8325%.
