Clear Channel Outdoor (NYSE:CCO) Shares Up 3.6% – Should You Buy?

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CCO. Wells Fargo & Company downgraded Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $2.75 to $1.75 in a research note on Thursday, September 19th. Barrington Research reiterated an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a research report on Monday, August 12th.

Clear Channel Outdoor Stock Up 0.6 %

The stock has a fifty day simple moving average of $1.56 and a 200 day simple moving average of $1.52. The firm has a market capitalization of $791.71 million, a P/E ratio of -2.10 and a beta of 3.07.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results 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 business had revenue of $558.54 million during the quarter, compared to analyst estimates of $563.75 million. Research analysts anticipate that Clear Channel Outdoor Holdings, Inc. 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 Clear Channel Outdoor stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $1.69, for a total value of $79,360.71. Following the sale, the insider now directly owns 104,812,998 shares of the company’s stock, valued at approximately $177,133,966.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.53% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CCO. Quadrature Capital Ltd purchased a new position in shares of Clear Channel Outdoor during the fourth quarter valued at approximately $68,000. CCG Wealth Management LLC purchased a new position in shares of Clear Channel Outdoor during the first quarter valued at approximately $46,000. BNP Paribas Financial Markets boosted its holdings in shares of Clear Channel Outdoor by 63.3% in the first quarter. BNP Paribas Financial Markets now owns 212,246 shares of the business services provider’s stock valued at $350,000 after purchasing an additional 82,286 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Clear Channel Outdoor by 8.6% in the first quarter. Russell Investments Group Ltd. now owns 290,550 shares of the business services provider’s stock valued at $479,000 after purchasing an additional 23,067 shares during the period. Finally, Gamco Investors INC. ET AL boosted its holdings in shares of Clear Channel Outdoor by 21.7% in 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 purchasing an additional 610,500 shares during the period. Hedge funds and other institutional investors own 85.52% of the company’s stock.

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.