Clear Channel Outdoor (NYSE:CCO) Downgraded by Wells Fargo & Company

Clear Channel Outdoor (NYSE:CCO) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Thursday, Marketbeat reports. They currently have a $1.75 target price on the business services provider’s stock, down from their previous target price of $2.75. Wells Fargo & Company‘s price objective would suggest a potential upside of 2.64% from the company’s current price.

Separately, Barrington Research reissued an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a research report on Monday, August 12th.

Clear Channel Outdoor Stock Performance

Shares of CCO opened at $1.71 on Thursday. Clear Channel Outdoor has a 12 month low of $1.04 and a 12 month high of $2.06. The stock has a fifty day moving average price of $1.55 and a 200-day moving average price of $1.53. The firm has a market cap of $833.25 million, a PE ratio of -2.21 and a beta of 3.07.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $558.54 million during the quarter, compared to analyst estimates of $563.75 million. As a group, research analysts forecast that Clear Channel Outdoor will post -0.29 EPS for the current year.

Insider Activity

In related news, major shareholder Pacific Investment Management sold 46,959 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $1.69, for a total value of $79,360.71. Following the sale, the insider now owns 104,812,998 shares in the company, valued at $177,133,966.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.53% of the company’s stock.

Institutional Investors Weigh In On Clear Channel Outdoor

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its stake in shares of Clear Channel Outdoor by 44.0% during the 2nd quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock valued at $10,339,000 after buying an additional 2,242,205 shares during the last quarter. Whitebox Advisors LLC purchased a new position in Clear Channel Outdoor during the second quarter valued at approximately $2,287,000. Assenagon Asset Management S.A. acquired a new position in Clear Channel Outdoor in the second quarter valued at approximately $1,114,000. Gamco Investors INC. ET AL boosted 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 worth $5,658,000 after purchasing an additional 610,500 shares in the last quarter. Finally, Gabelli Funds LLC grew its stake in shares of Clear Channel Outdoor by 25.9% during the 2nd quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider’s stock worth $4,040,000 after purchasing an additional 590,000 shares during the period. 85.52% of the stock is owned by hedge funds and other institutional investors.

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.