Clear Channel Outdoor (NYSE:CCO) Shares Down 2.3%

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price fell 2.3% on Thursday . The company traded as low as $1.67 and last traded at $1.67. 257,465 shares traded hands during trading, a decline of 87% from the average session volume of 2,025,872 shares. The stock had previously closed at $1.71.

Analysts Set New Price Targets

Several research analysts have recently commented on CCO shares. Wells Fargo & Company lowered shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $2.75 to $1.75 in a report on Thursday. Barrington Research reiterated an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research report on Monday, August 12th.

Clear Channel Outdoor Stock Down 3.5 %

The firm has a market cap of $806.37 million, a P/E ratio of -2.14 and a beta of 3.07. The firm’s 50-day moving average price is $1.55 and its 200 day moving average price is $1.53.

Clear Channel Outdoor (NYSE:CCO) last posted its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $558.54 million for the quarter, compared to analysts’ expectations of $563.75 million. On average, equities analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current year.

Insider Buying and Selling at Clear Channel Outdoor

In other Clear Channel Outdoor news, major shareholder Pacific Investment Management sold 46,959 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $1.69, for a total transaction of $79,360.71. Following the completion of the transaction, the insider now owns 104,812,998 shares in the company, valued at approximately $177,133,966.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.53% of the stock is owned by company insiders.

Institutional Trading of Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently made changes to their positions in CCO. CCG Wealth Management LLC bought a new stake in Clear Channel Outdoor in the first quarter worth about $46,000. Quadrature Capital Ltd acquired a new stake in shares of Clear Channel Outdoor during the 4th quarter valued at $68,000. Point72 DIFC Ltd purchased a new position in shares of Clear Channel Outdoor during the 2nd quarter valued at $55,000. XTX Topco Ltd increased its stake in shares of Clear Channel Outdoor by 28.4% in the second quarter. XTX Topco Ltd now owns 81,188 shares of the business services provider’s stock worth $114,000 after acquiring an additional 17,957 shares during the last quarter. Finally, Cowen AND Company LLC acquired a new position in shares of Clear Channel Outdoor in the second quarter worth $120,000. 85.52% of the stock is currently owned by institutional investors.

About Clear Channel Outdoor

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.