Clear Channel Outdoor (NYSE:CCO) Shares Gap Up - Here's What Happened

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $1.41, but opened at $1.49. Clear Channel Outdoor shares last traded at $1.46, with a volume of 204,898 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CCO. TD Cowen reduced their price target on Clear Channel Outdoor from $2.60 to $2.40 and set a "buy" rating for the company in a research report on Friday. Wells Fargo & Company cut Clear Channel Outdoor from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $2.75 to $1.75 in a research report on Thursday, September 19th. Finally, Barrington Research reiterated an "outperform" rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $2.16.

Clear Channel Outdoor Stock Up 2.8 %

The firm has a market capitalization of $708.98 million, a PE ratio of -5.00 and a beta of 3.08. The stock has a 50-day moving average price of $1.56 and a 200 day moving average price of $1.52.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $558.54 million during the quarter, compared to analyst estimates of $563.75 million. As a group, equities analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current fiscal year.

Institutional Trading of Clear Channel Outdoor

Several large investors have recently made changes to their positions in the company. Millennium Management LLC increased its position in shares of Clear Channel Outdoor by 44.0% during the second quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider's stock worth $10,339,000 after purchasing an additional 2,242,205 shares in the last quarter. Gamco Investors INC. ET AL boosted its stake in 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 worth $5,658,000 after buying an additional 610,500 shares during the last quarter. Gabelli Funds LLC boosted its stake in Clear Channel Outdoor by 25.9% during the second quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider's stock worth $4,040,000 after buying an additional 590,000 shares during the last quarter. Whitebox Advisors LLC acquired a new position in Clear Channel Outdoor during the second quarter worth $2,287,000. Finally, Bank of New York Mellon Corp boosted its stake in Clear Channel Outdoor by 3.7% during the second quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider's stock worth $1,983,000 after buying an additional 49,714 shares during the last quarter. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

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.