Clear Channel Outdoor (NYSE:CCO) Stock Passes Above 200-Day Moving Average - Here's What Happened

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.21 and traded as high as $1.22. Clear Channel Outdoor shares last traded at $1.18, with a volume of 1,653,949 shares traded.

Wall Street Analysts Forecast Growth

CCO has been the topic of a number of analyst reports. Barrington Research cut Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 23rd. Morgan Stanley dropped their price target on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st.

Clear Channel Outdoor Stock Performance

The business has a fifty day simple moving average of $1.12 and a two-hundred day simple moving average of $1.21. The company has a market cap of $610.95 million, a PE ratio of -20.50 and a beta of 2.58.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The business services provider reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The business had revenue of $334.18 million for the quarter, compared to analyst estimates of $337.70 million.

Insider Buying and Selling at Clear Channel Outdoor

In other Clear Channel Outdoor news, major shareholder Arturo R. Moreno bought 38,815 shares of the business's stock in a transaction on Thursday, June 5th. The stock was bought at an average price of $1.06 per share, with a total value of $41,143.90. Following the completion of the purchase, the insider directly owned 64,134,352 shares in the company, valued at $67,982,413.12. The trade was a 0.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott Wells bought 50,000 shares of Clear Channel Outdoor stock in a transaction on Tuesday, May 6th. The stock was acquired at an average price of $1.08 per share, for a total transaction of $54,000.00. Following the transaction, the chief executive officer directly owned 3,392,205 shares of the company's stock, valued at approximately $3,663,581.40. This trade represents a 1.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 5,509,591 shares of company stock valued at $5,349,881. 7.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CCO. EntryPoint Capital LLC acquired a new stake in Clear Channel Outdoor during the 1st quarter worth approximately $31,000. Graham Capital Management L.P. purchased a new stake in Clear Channel Outdoor in the fourth quarter valued at approximately $36,000. Teacher Retirement System of Texas acquired a new stake in Clear Channel Outdoor during the 1st quarter worth $39,000. Cibc World Markets Corp purchased a new position in Clear Channel Outdoor during the 4th quarter worth $45,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Clear Channel Outdoor in the fourth quarter valued at $53,000. 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.