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Arturo R. Moreno, a significant shareholder of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), recently made substantial purchases of the company's common stock, totaling approximately $1.73 million. The transactions, disclosed in a filing with the Securities and Exchange Commission, come as the stock trades near $1.02, with InvestingPro analysis indicating the company is slightly undervalued despite its high volatility (Beta: 2.73).
On April 8, Moreno acquired 1,410,831 shares at a weighted average price of $0.87 per share. The shares were purchased in multiple transactions at prices ranging from $0.82 to $0.95. The following day, April 9, he purchased an additional 500,000 shares, with prices ranging from $0.985 to $1.02, averaging $1 per share. These purchases come as the stock has experienced significant price movements, having declined over 30% in the past six months.
These acquisitions increased Moreno's direct ownership to 59,343,365 shares of Clear Channel Outdoor Holdings, representing a significant portion of the company's $492.51M market capitalization. The purchases reflect Moreno's continued investment in the company, which operates in the advertising services sector and maintains a FAIR financial health score according to InvestingPro's comprehensive analysis, which includes 8 additional key insights available to subscribers.
In other recent news, Clear Channel Outdoor Holdings Inc . reported its financial results for the fourth quarter of 2024, revealing a miss in earnings per share (EPS) and revenue against market expectations. The company posted an EPS of -$0.0365, which did not meet the forecasted $0.02, and reported revenue of $427 million, below the anticipated $646.83 million. Despite the revenue shortfall, the company experienced a 2.6% increase in consolidated revenue year-over-year, with the Americas segment showing a 4.1% rise and the airports segment a 4.3% increase. In another development, Clear Channel has received all necessary regulatory approvals to sell its Europe-North advertising segment to Bauer Radio Limited, a part of Bauer Media Group, with the transaction expected to conclude on March 31, 2025. The company is focusing on divesting international businesses to concentrate on higher-margin U.S. operations, which aligns with its strategic goals. Looking forward, Clear Channel has provided consolidated revenue guidance for 2025, projecting an increase of 4% to 7%, with expectations of improved adjusted EBITDA and debt reduction. Additionally, the company is expanding its digital footprint, with digital revenue now constituting 39.5% of Americas revenue, marking a 7.6% increase.
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