Clear Channel Outdoor (NYSE:CCO) Reaches New 12-Month Low - Here's Why

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) reached a new 52-week low during trading on Wednesday . The stock traded as low as $1.28 and last traded at $1.29, with a volume of 433942 shares. The stock had previously closed at $1.32.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reissued an "outperform" rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research note on Monday, February 24th.

Clear Channel Outdoor Price Performance

The stock has a market capitalization of $615.02 million, a PE ratio of -4.33 and a beta of 3.03. The firm's 50 day simple moving average is $1.40 and its 200 day simple moving average is $1.49.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CCO. Diameter Capital Partners LP increased its stake in shares of Clear Channel Outdoor by 2,210.5% in the fourth quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider's stock worth $13,843,000 after buying an additional 9,666,788 shares during the period. Cerity Partners LLC purchased a new position in shares of Clear Channel Outdoor in the third quarter worth $1,730,000. Shenkman Capital Management Inc. increased its stake in shares of Clear Channel Outdoor by 34.0% in the fourth quarter. Shenkman Capital Management Inc. now owns 2,954,589 shares of the business services provider's stock worth $4,048,000 after buying an additional 750,000 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Clear Channel Outdoor by 9.0% in the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider's stock worth $10,099,000 after buying an additional 610,110 shares during the period. Finally, State of Wyoming increased its stake in shares of Clear Channel Outdoor by 39.3% in the fourth quarter. State of Wyoming now owns 1,594,464 shares of the business services provider's stock worth $2,184,000 after buying an additional 450,000 shares during the period. 85.52% of the stock is owned by hedge funds and other institutional investors.

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.