Short Interest in CLEAR CHANNEL O/SH (NYSE:CCO) Declines By 53.2%

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CLEAR CHANNEL O/SH (NYSE:CCO) was the recipient of a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 2,619,300 shares, a decrease of 53.2% from the July 15th total of 5,592,100 shares. Currently, 7.0% of the shares of the company are short sold. Based on an average daily volume of 2,870,000 shares, the days-to-cover ratio is currently 0.9 days.

Shares of NYSE:CCO traded down $0.07 on Tuesday, reaching $2.56. 8,149,618 shares of the company were exchanged, compared to its average volume of 1,737,118. CLEAR CHANNEL O/SH has a 1-year low of $2.06 and a 1-year high of $6.38. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of -4.40 and a beta of 0.72. The company has a 50-day moving average of $3.21 and a 200-day moving average of $4.68.

CCO has been the topic of several recent research reports. TheStreet cut shares of CLEAR CHANNEL O/SH from a “c-” rating to a “d” rating in a research note on Tuesday, May 7th. Barrington Research reissued a “buy” rating and issued a $6.50 price objective on shares of CLEAR CHANNEL O/SH in a research note on Monday, April 29th. Raymond James reissued an “average” rating and issued a $16.00 price objective on shares of CLEAR CHANNEL O/SH in a research note on Friday, July 26th. Zacks Investment Research raised shares of CLEAR CHANNEL O/SH from a “hold” rating to a “buy” rating and set a $2.50 price objective on the stock in a research note on Friday, August 9th. Finally, ValuEngine cut shares of CLEAR CHANNEL O/SH from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $10.63.

In other CLEAR CHANNEL O/SH news, Director W Benjamin Moreland purchased 400,000 shares of CLEAR CHANNEL O/SH stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $2.28 per share, for a total transaction of $912,000.00. Following the transaction, the director now directly owns 241,840 shares in the company, valued at $551,395.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Scott Wells purchased 15,000 shares of CLEAR CHANNEL O/SH stock in a transaction that occurred on Wednesday, August 14th. The stock was acquired at an average price of $2.36 per share, with a total value of $35,400.00. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 435,000 shares of company stock valued at $996,200. 4.70% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of CCO. Allianz Asset Management GmbH acquired a new position in shares of CLEAR CHANNEL O/SH during the 2nd quarter worth $492,110,000. Vanguard Group Inc. grew its stake in shares of CLEAR CHANNEL O/SH by 437.6% during the 2nd quarter. Vanguard Group Inc. now owns 19,594,873 shares of the business services provider’s stock worth $92,487,000 after purchasing an additional 15,950,271 shares during the period. Invesco Ltd. grew its stake in shares of CLEAR CHANNEL O/SH by 19,175.7% during the 2nd quarter. Invesco Ltd. now owns 15,440,619 shares of the business services provider’s stock worth $72,880,000 after purchasing an additional 15,360,515 shares during the period. Third Point LLC acquired a new position in shares of CLEAR CHANNEL O/SH during the 2nd quarter worth $37,760,000. Finally, D. E. Shaw & Co. Inc. grew its stake in shares of CLEAR CHANNEL O/SH by 4,499.5% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 7,098,359 shares of the business services provider’s stock worth $33,504,000 after purchasing an additional 6,944,029 shares during the period. 35.81% of the stock is currently owned by institutional investors and hedge funds.

About CLEAR CHANNEL O/SH

Clear Channel Outdoor Holdings, Inc, an outdoor advertising company, owns and operates advertising display faces in the United States and internationally. It operates through two segments, Americas Outdoor Advertising and International Outdoor Advertising. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; and other displays comprising spectaculars and wallscapes, as well as retail and other small displays.

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