Clear Channel Outdoor (NYSE:CCO) Trading 3.6% Higher - Still a Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) shares were up 3.6% during trading on Wednesday . The company traded as high as $1.59 and last traded at $1.59. Approximately 801,316 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 1,975,128 shares. The stock had previously closed at $1.53.

Analyst Ratings Changes

CCO has been the subject of a number of research analyst reports. Wells Fargo & Company cut Clear Channel Outdoor from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $2.75 to $1.75 in a research note on Thursday, September 19th. Barrington Research restated an "outperform" rating and set a $2.50 target price on shares of Clear Channel Outdoor in a report on Monday, August 12th.

Clear Channel Outdoor Stock Performance

The firm has a market cap of $777.04 million, a price-to-earnings ratio of -2.06 and a beta of 3.07. The stock has a 50-day moving average of $1.55 and a 200-day moving average of $1.52.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) EPS 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. Sell-side analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.29 EPS for the current fiscal year.

Insider Activity at Clear Channel Outdoor

In other news, major shareholder Pacific Investment Management sold 46,959 shares of the business's stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $1.69, for a total transaction of $79,360.71. Following the transaction, the insider now directly owns 104,812,998 shares in the company, valued at $177,133,966.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CCO. CarsonAllaria Wealth Management Ltd. acquired a new stake in Clear Channel Outdoor during the 3rd quarter valued at $34,000. Stratos Wealth Advisors LLC bought a new position in Clear Channel Outdoor in the 3rd quarter valued at about $40,000. CCG Wealth Management LLC acquired a new stake in Clear Channel Outdoor during the first quarter worth approximately $46,000. Point72 DIFC Ltd bought a new stake in shares of Clear Channel Outdoor during the second quarter worth approximately $55,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Clear Channel Outdoor in the fourth quarter valued at approximately $68,000. 85.52% of the stock is currently owned by 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.