Clear Channel Outdoor (NYSE:CCO) Shares Down 2.3%

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares traded down 2.3% on Thursday . The stock traded as low as $1.67 and last traded at $1.67. 257,465 shares traded hands during trading, a decline of 87% from the average session volume of 2,025,872 shares. The stock had previously closed at $1.71.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barrington Research reiterated an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a research note on Monday, August 12th. Wells Fargo & Company cut shares of 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 research note on Thursday.

Clear Channel Outdoor Price Performance

The firm has a market capitalization of $835.69 million, a price-to-earnings ratio of -2.21 and a beta of 3.07. The firm has a 50 day moving average of $1.55 and a two-hundred day moving average of $1.53.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The firm had revenue of $558.54 million for the quarter, compared to the consensus estimate of $563.75 million. Sell-side analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.29 EPS for the current fiscal year.

Insider Buying and Selling at Clear Channel Outdoor

In related news, major shareholder Pacific Investment Management sold 46,959 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $1.69, for a total transaction of $79,360.71. Following the sale, the insider now owns 104,812,998 shares in the company, valued at approximately $177,133,966.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company 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. Gamco Investors INC. ET AL lifted its stake in shares of Clear Channel Outdoor by 21.7% in the 1st 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. Assenagon Asset Management S.A. bought a new stake in shares of Clear Channel Outdoor in the 2nd quarter valued at $1,114,000. Quadrature Capital Ltd acquired a new position in shares of Clear Channel Outdoor during the 4th quarter valued at $68,000. Russell Investments Group Ltd. boosted its stake in Clear Channel Outdoor by 8.6% during the first quarter. Russell Investments Group Ltd. now owns 290,550 shares of the business services provider’s stock worth $479,000 after acquiring an additional 23,067 shares in the last quarter. Finally, Cowen AND Company LLC acquired a new stake in Clear Channel Outdoor in the second quarter worth $120,000. 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.