Clear Channel Outdoor (NYSE:CCO) Earns Market Perform Rating from Barrington Research

Barrington Research reissued their market perform rating on shares of Clear Channel Outdoor (NYSE:CCO - Free Report) in a research report report published on Wednesday morning,Benzinga reports.

Separately, Morgan Stanley reduced their target price on Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating for the company in a report on Thursday, May 1st.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO traded down $0.03 during trading hours on Wednesday, hitting $1.13. The stock had a trading volume of 792,221 shares, compared to its average volume of 4,105,429. The company has a market capitalization of $558.80 million, a P/E ratio of -18.75 and a beta of 2.58. The firm's 50-day moving average price is $1.15 and its two-hundred day moving average price is $1.19. Clear Channel Outdoor has a 52 week low of $0.81 and a 52 week high of $1.77.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The business services provider reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. The firm had revenue of $334.18 million during the quarter, compared to the consensus estimate of $337.70 million.

Insider Buying and Selling

In other news, major shareholder Arturo R. Moreno bought 325,567 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was acquired at an average cost of $1.07 per share, for a total transaction of $348,356.69. Following the completion of the purchase, the insider owned 62,552,674 shares of the company's stock, valued at $66,931,361.18. This trade represents a 0.52% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Scott Wells bought 50,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was purchased at an average price of $1.08 per share, with a total value of $54,000.00. Following the completion of the purchase, the chief executive officer directly owned 3,392,205 shares of the company's stock, valued at $3,663,581.40. This represents a 1.50% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 742,335 shares of company stock valued at $794,008. Corporate insiders own 7.70% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Anson Funds Management LP raised its stake in shares of Clear Channel Outdoor by 7.8% in the first quarter. Anson Funds Management LP now owns 18,076,186 shares of the business services provider's stock valued at $20,065,000 after purchasing an additional 1,310,680 shares in the last quarter. Diameter Capital Partners LP raised its stake in shares of Clear Channel Outdoor by 2,210.5% in the fourth quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider's stock valued at $13,843,000 after purchasing an additional 9,666,788 shares in the last quarter. Geode Capital Management LLC grew its position in Clear Channel Outdoor by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider's stock valued at $10,756,000 after acquiring an additional 34,262 shares during the period. JPMorgan Chase & Co. grew its position in Clear Channel Outdoor by 9.0% in the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider's stock valued at $10,099,000 after acquiring an additional 610,110 shares during the period. Finally, Readystate Asset Management LP grew its position in Clear Channel Outdoor by 37.9% in the first quarter. Readystate Asset Management LP now owns 6,267,547 shares of the business services provider's stock valued at $6,957,000 after acquiring an additional 1,723,417 shares during the period. 85.52% of the stock is currently owned by institutional investors and hedge funds.

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.