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

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s share price traded 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 were traded during 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 Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wells Fargo & Company downgraded 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 reiterated an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a report on Monday, August 12th.

Clear Channel Outdoor Price Performance

The business has a 50 day simple moving average of $1.55 and a 200 day simple moving average of $1.52. The stock has a market cap of $767.27 million, a PE ratio of -1.98 and a beta of 3.07.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The business had revenue of $558.54 million during the quarter, compared to analysts’ expectations of $563.75 million. As a group, sell-side analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current fiscal 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 dated 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 owns 104,812,998 shares in the company, valued at $177,133,966.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.53% of the company’s stock.

Institutional Trading of Clear Channel Outdoor

Several large investors have recently made changes to their positions in CCO. Millennium Management LLC boosted 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 worth $10,339,000 after acquiring an additional 2,242,205 shares in the last quarter. Whitebox Advisors LLC acquired a new position in shares of Clear Channel Outdoor during the 2nd quarter worth about $2,287,000. Assenagon Asset Management S.A. acquired a new position in shares of Clear Channel Outdoor during the 2nd quarter worth about $1,114,000. Gamco Investors INC. ET AL lifted its position in shares of Clear Channel Outdoor by 21.7% during 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 during the last quarter. Finally, Gabelli Funds LLC lifted its position 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 last quarter. Institutional investors own 85.52% of the company’s stock.

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.