Clear Channel Outdoor (NYSE:CCO) Shares Up 4.8% - Still a Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report)'s share price shot up 4.8% during trading on Monday . The company traded as high as $1.43 and last traded at $1.42. 893,562 shares were traded during trading, a decline of 52% from the average session volume of 1,880,362 shares. The stock had previously closed at $1.35.

Analyst Ratings Changes

Several research firms have recently weighed in on CCO. TD Cowen decreased their target price on Clear Channel Outdoor from $2.60 to $2.40 and set a "buy" rating on the stock in a research report on Friday, November 1st. Wells Fargo & Company lowered Clear Channel Outdoor from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $2.75 to $1.75 in a report on Thursday, September 19th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $2.50 target price on shares of Clear Channel Outdoor in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $2.16.

Clear Channel Outdoor Stock Up 3.7 %

The firm has a market capitalization of $684.71 million, a PE ratio of -4.83 and a beta of 3.05. The business has a 50-day moving average price of $1.53 and a 200-day moving average price of $1.53.

Insider Transactions at Clear Channel Outdoor

In other news, major shareholder Arturo R. Moreno purchased 250,000 shares of the company's stock in a transaction dated Monday, November 4th. The stock was acquired at an average price of $1.45 per share, with a total value of $362,500.00. Following the purchase, the insider now directly owns 52,182,534 shares in the company, valued at approximately $75,664,674.30. This represents a 0.48 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.53% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CCO. Cerity Partners LLC acquired a new position in shares of Clear Channel Outdoor in the 3rd quarter valued at $1,730,000. Jane Street Group LLC raised its holdings in Clear Channel Outdoor by 56.7% in the 3rd quarter. Jane Street Group LLC now owns 1,116,893 shares of the business services provider's stock valued at $1,787,000 after buying an additional 404,082 shares during the period. Gabelli Funds LLC lifted its position in Clear Channel Outdoor by 25.9% in the second quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider's stock valued at $4,040,000 after buying an additional 590,000 shares during the last quarter. Victory Capital Management Inc. lifted its position in Clear Channel Outdoor by 5.4% in the third quarter. Victory Capital Management Inc. now owns 759,013 shares of the business services provider's stock valued at $1,214,000 after buying an additional 38,913 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in 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 buying an additional 2,242,205 shares during the period. 85.52% of the stock is currently 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.