Clear Channel Outdoor (NYSE:CCO) Shares Gap Down to $1.42

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $1.42, but opened at $1.35. Clear Channel Outdoor shares last traded at $1.44, with a volume of 20,695 shares changing hands.

Analysts Set New Price Targets

Separately, Barrington Research reaffirmed an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a research report on Tuesday, May 28th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.16.

Clear Channel Outdoor Price Performance

The company has a market cap of $686.63 million, a PE ratio of -1.86 and a beta of 3.09. The stock has a fifty day moving average price of $1.51 and a 200-day moving average price of $1.59.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings data on Thursday, May 9th. The business services provider reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.01. The business had revenue of $481.75 million during the quarter, compared to analysts’ expectations of $480.69 million. During the same period in the prior year, the company posted ($0.23) earnings per share. On average, equities analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.25 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Pacific Investment Management sold 46,959 shares of the 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 completion of the sale, the insider now directly owns 104,812,998 shares in the company, valued at $177,133,966.62. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

Institutional investors and hedge funds have recently modified their holdings of the business. Cowen AND Company LLC acquired a new stake in shares of Clear Channel Outdoor in the second quarter worth about $120,000. Bank of New York Mellon Corp grew its holdings in Clear Channel Outdoor by 3.7% during the second quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider’s stock valued at $1,983,000 after purchasing an additional 49,714 shares during the last quarter. AEGON USA Investment Management LLC raised its position in shares of Clear Channel Outdoor by 53.4% in the second quarter. AEGON USA Investment Management LLC now owns 154,449 shares of the business services provider’s stock valued at $218,000 after purchasing an additional 53,736 shares during the period. Genesee Capital Advisors LLC acquired a new stake in shares of Clear Channel Outdoor in the second quarter worth $136,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth $1,114,000. Institutional investors and hedge funds own 85.52% of the company’s stock.

Clear Channel Outdoor Company Profile

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.