Wells Fargo & Company Downgrades Clear Channel Outdoor (NYSE:CCO) to Equal Weight

Wells Fargo & Company cut shares of Clear Channel Outdoor (NYSE:CCO) from an overweight rating to an equal weight rating in a report published on Thursday morning, Marketbeat reports. Wells Fargo & Company currently has $1.75 price objective on the business services provider’s stock, down from their previous price objective of $2.75.

Separately, Barrington Research reissued 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 Price Performance

Shares of CCO opened at $1.65 on Thursday. The company’s 50-day moving average is $1.55 and its 200-day moving average is $1.53. The firm has a market capitalization of $806.37 million, a PE ratio of -2.14 and a beta of 3.07. Clear Channel Outdoor has a fifty-two week low of $1.04 and a fifty-two week high of $2.06.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share 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. Analysts predict that Clear Channel Outdoor will post -0.29 earnings per share for the current fiscal year.

Insider Transactions at Clear Channel Outdoor

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 transaction, the insider now owns 104,812,998 shares of the company’s stock, valued at $177,133,966.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.53% of the stock is owned by insiders.

Institutional Trading of Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd bought a new position in Clear Channel Outdoor in the fourth quarter valued at about $68,000. CCG Wealth Management LLC acquired a new stake in Clear Channel Outdoor during the 1st quarter worth approximately $46,000. BNP Paribas Financial Markets grew its holdings in Clear Channel Outdoor by 63.3% during the 1st quarter. BNP Paribas Financial Markets now owns 212,246 shares of the business services provider’s stock worth $350,000 after acquiring an additional 82,286 shares during the last quarter. Russell Investments Group Ltd. increased its position in Clear Channel Outdoor by 8.6% in the 1st quarter. Russell Investments Group Ltd. now owns 290,550 shares of the business services provider’s stock valued at $479,000 after acquiring an additional 23,067 shares during the period. Finally, Gamco Investors INC. ET AL raised its stake in shares of Clear Channel Outdoor by 21.7% during the first 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 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.