Clear Channel Outdoor (NYSE:CCO) Trading Up 5.2%

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price shot up 5.2% during mid-day trading on Wednesday . The stock traded as high as $1.61 and last traded at $1.61. 150,433 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 2,032,280 shares. The stock had previously closed at $1.53.

Analyst Ratings Changes

CCO has been the subject of a number of research reports. Barrington Research reissued an “outperform” rating and issued a $2.50 price objective on shares of Clear Channel Outdoor in a research note on Monday, August 12th. Wells Fargo & Company cut Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $2.75 to $1.75 in a report on Thursday, September 19th.

Clear Channel Outdoor Stock Performance

The company has a market cap of $777.04 million, a price-to-earnings ratio of -2.05 and a beta of 3.07. The stock’s fifty day moving average is $1.54 and its two-hundred day moving average is $1.52.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings data 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 firm had revenue of $558.54 million during the quarter, compared to analysts’ expectations of $563.75 million. On average, equities research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.29 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Pacific Investment Management sold 46,959 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $1.69, for a total value of $79,360.71. Following the completion of 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 filing with the SEC, which is accessible through the SEC website. Insiders own 1.53% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

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

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.