Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Rating) widened ahead of Friday’s trading. The stock had previously closed at $1.35, but opened at $1.39. Shares of Clear Channel Outdoor last traded at $1.34, with volume of 652 shares changing hands.
Changes to analyst ratings
Several research companies have recently published reports on CCO. Barrington Research cut its price target on Clear Channel Outdoor from $5.00 to $3.25 in a research note on Friday, May 13. Wells Fargo & Company downgraded Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and lowered its price target for the company from $4.00 to $1.50 in a Friday 8 report. July. Citigroup lowered its price target on Clear Channel Outdoor from $1.65 to $1.25 and set a “neutral” rating for the company in a Thursday, July 7 report. StockNews.com began its Clear Channel Outdoor coverage in a report on Thursday, March 31. They set a “holding” rating for the company. Finally, Morgan Stanley cut its price target on Clear Channel Outdoor from $2.50 to $2.15 and set an “equal weight” rating on the stock in a Friday, June 10 research report. Six research analysts have rated the stock with a hold rating and two have assigned the company’s stock a buy rating. According to data from MarketBeat.com, Clear Channel Outdoor has an average rating of “Hold” and an average target price of $2.13.
Clear Channel Outdoor Trading down 4.4%
The company’s fifty-day simple moving average is $1.35 and its 200-day simple moving average is $2.56. The stock has a market capitalization of $613.12 million, a P/E ratio of -3.07 and a beta of 2.48.
Clear Channel Outdoor (NYSE:CCO – Get Rating) last released its quarterly earnings data on Tuesday, May 10. The business services provider reported ($0.19) earnings per share (EPS) for the quarter, missing analyst consensus estimates of ($0.15) by ($0.04). The company posted revenue of $525.69 million for the quarter, versus a consensus estimate of $536.95 million. During the same period of the previous year, the company made ($0.42) earnings per share. Equity research analysts expect Clear Channel Outdoor Holdings, Inc. to post -0.04 earnings per share for the current year.
Insider Buying and Selling at Clear Channel Outdoor
Separately, major shareholder Pacific Investment Management sold 561,112 shares of the company in a transaction dated Tuesday, May 31. The shares were sold at an average price of $1.58, for a total transaction of $886,556.96. Following the transaction, the insider now owns 104,872,541 shares of the company, valued at $165,698,614.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. Company insiders own 1.90% of the company’s shares.
Clear Channel Outdoor Institutional Trading
A number of large investors have recently changed their positions in the stock. Vanguard Group Inc. increased its stake in Clear Channel Outdoor by 6.7% during the first quarter. Vanguard Group Inc. now owns 37,671,943 shares of the business services provider valued at $130,345,000 after buying an additional 2,381,643 shares in the last quarter. Rubric Capital Management LP increased its stake in Clear Channel Outdoor by 14.3% during the fourth quarter. Rubric Capital Management LP now owns 16,404,026 shares of the business services provider valued at $54,297,000 after acquiring an additional 2,047,070 shares last quarter. State Street Corp increased its stake in Clear Channel Outdoor by 4.2% in the first quarter. State Street Corp now owns 7,947,071 shares of the business services provider valued at $27,497,000 after acquiring an additional 321,422 shares in the last quarter. Diameter Capital Partners LP bought a new stock position in Clear Channel Outdoor during Q1 worth approximately $25,915,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings of Clear Channel Outdoor shares by 629.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,114,400 shares of the business services provider valued at $17,696,000 after purchasing an additional 4,413,700 shares in the last quarter. 92.20% of the shares are currently held by institutional investors.
Clear Channel Outdoor Company Profile
(Get a rating)
Clear Channel Outdoor Holdings, Inc. owns, operates and sells display advertising in the United States and around the world. It operates through two segments, the Americas and Europe. The company offers advertising services through billboards, including newsletters 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; Spectaculars, which are custom display structures that incorporate video, multi-dimensional letters and numbers, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or hangs from the sides of buildings or other structures.
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