Clear Channel Outdoor Holdings Inc. [NYSE: CCO] traded at a high on Wednesday, posting a 7.14 gain after which it closed the day’ session at $1.65. The company report on March 25, 2024 at 6:59 AM that Clear Channel Outdoor Holdings, Inc. Announces Clear Channel International B.V.’s New Term Loan Facility and Concurrent Redemption of Existing Secured Notes.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) announced today that the Company’s indirect, wholly owned subsidiary, Clear Channel International B.V. (“CCIBV”), entered into a credit agreement (the “CCIBV Credit Agreement”) on March 22, 2024 (the “Closing Date”) governing CCIBV’s new term loan facility (the “CCIBV Term Loan Facility”). Under the agreement, JPMorgan Chase Bank, N.A. serves as administrative agent and collateral agent, and J.P. Morgan SE serves as lead arranger and bookrunner.
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The CCIBV Term Loan Facility is comprised of two tranches of term loans (the “Term Loans”), totaling an aggregate principal amount of $375.0 million: (1) a “fixed rate” tranche of term loans in an aggregate principal amount of $300.0 million (the “Fixed Rate Term Loan Tranche”), bearing interest at a fixed rate of 7.5% per annum; and (2) a “floating rate” tranche of term loans in an aggregate principal amount of $75.0 million (the “Floating Rate Term Loan Tranche”), bearing interest at a floating rate equal to the benchmark rate “Term SOFR” plus 2.25% per annum (subject to a floor rate of 5.25% per annum). The CCIBV Term Loan Facility matures on April 1, 2027 (the “Maturity Date”) and has no scheduled amortization payments prior to the Maturity Date.
The results of the trading session contributed to over 4086635 shares changing hands. Over the past one week, the price volatility of Clear Channel Outdoor Holdings Inc. stands at 5.86% while the volatility over the past one month is 6.20%.
The market cap for CCO stock reached $798.14 million, with 483.06 million shares outstanding and 418.47 million shares in the current float. Compared to the average trading volume of 2.35M shares, CCO reached a trading volume of 4086635 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about 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 0.10, with the Price to Sales ratio for CCO stock in the period of the last 12 months amounting to 0.34.
How has CCO stock performed recently?
Clear Channel Outdoor Holdings Inc. [CCO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.23. With this latest performance, CCO shares dropped by -14.95% in over the last four-week period, additionally plugging by 13.79% over the last 6 months – not to mention a rise of 52.78% 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 48.89, with the RSI for the last a single of trading hit 51.67, and the three-weeks RSI is set at 48.67 for Clear Channel Outdoor Holdings Inc. [CCO]. The present Moving Average for the last 50 days of trading for this stock 1.7134, while it was recorded at 1.5820 for the last single week of trading, and 1.5179 for the last 200 days.
Clear Channel Outdoor Holdings Inc. [CCO]: Deeper insight into the 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.
Earnings analysis for Clear Channel Outdoor Holdings Inc. [CCO]
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%.
Insider trade positions for Clear Channel Outdoor Holdings Inc. [CCO]
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%.
