Clear Channel Outdoor (NYSE:CCO) Shares Up 3.6% – Should You Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) was up 3.6% during mid-day trading on Wednesday . The company traded as high as $1.59 and last traded at $1.59. Approximately 801,316 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 1,975,128 shares. The stock had previously closed at $1.53.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CCO shares. Wells Fargo & Company lowered Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $2.75 to $1.75 in a report on Thursday, September 19th. Barrington Research restated an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a report on Monday, August 12th.

Clear Channel Outdoor Stock Up 0.6 %

The business has a 50-day moving average price of $1.56 and a 200-day moving average price of $1.52. The firm has a market capitalization of $791.71 million, a price-to-earnings ratio of -2.10 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The firm had revenue of $558.54 million during the quarter, compared to analyst estimates of $563.75 million. On average, equities research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current year.

Insider Transactions at Clear Channel Outdoor

In related news, major shareholder Pacific Investment Management sold 46,959 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 104,812,998 shares of the company’s stock, valued at $177,133,966.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.53% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

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