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

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Barrington Research restated an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a research report on Monday, August 12th. Wells Fargo & Company cut shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $2.75 to $1.75 in a research note on Thursday, September 19th.

Clear Channel Outdoor Stock Up 2.6 %

The firm has a market cap of $767.27 million, a P/E ratio of -1.98 and a beta of 3.07. The stock’s 50-day simple moving average is $1.55 and its 200 day simple moving average is $1.52.

Clear Channel Outdoor (NYSE:CCO) last issued 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 for the quarter, compared to analyst estimates of $563.75 million. On average, research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Pacific Investment Management sold 46,959 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $1.69, for a total value of $79,360.71. Following the sale, the insider now owns 104,812,998 shares in the company, valued at $177,133,966.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.53% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Clear Channel Outdoor during the 3rd quarter valued at $34,000. Stratos Wealth Advisors LLC purchased a new stake in shares of Clear Channel Outdoor during the 3rd quarter valued at $40,000. CCG Wealth Management LLC purchased a new stake in shares of Clear Channel Outdoor during the 1st quarter valued at $46,000. Point72 DIFC Ltd purchased a new position in Clear Channel Outdoor in the 2nd quarter worth $55,000. Finally, Quadrature Capital Ltd purchased a new position in Clear Channel Outdoor in the 4th quarter worth $68,000. 85.52% of the stock is 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.