Clear Channel Outdoor (NYSE:CCO) Share Price Crosses Above 200 Day Moving Average - What's Next?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.20 and traded as high as $1.20. Clear Channel Outdoor shares last traded at $1.16, with a volume of 1,994,981 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Barrington Research reissued a "market perform" rating on shares of Clear Channel Outdoor in a report on Wednesday. Morgan Stanley cut their price objective on Clear Channel Outdoor from $2.00 to $1.50 and set an "equal weight" rating for the company in a research report on Thursday, May 1st.

Clear Channel Outdoor Price Performance

The company's fifty day simple moving average is $1.15 and its 200-day simple moving average is $1.19. The firm has a market capitalization of $558.80 million, a PE ratio of -18.75 and a beta of 2.58.

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) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The firm had revenue of $334.18 million for the quarter, compared to analyst estimates of $337.70 million.

Insider Activity

In other news, major shareholder Arturo R. Moreno acquired 38,815 shares of the business's stock in a transaction on Thursday, June 5th. The shares were purchased at an average price of $1.06 per share, for a total transaction of $41,143.90. Following the acquisition, the insider directly owned 64,134,352 shares of the company's stock, valued at $67,982,413.12. This represents a 0.06% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott Wells bought 50,000 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was bought at an average cost of $1.08 per share, with a total value of $54,000.00. Following the transaction, the chief executive officer directly owned 3,392,205 shares in the company, valued at approximately $3,663,581.40. The trade was a 1.50% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 742,335 shares of company stock worth $794,008. Insiders own 7.70% of the company's stock.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CCO. Teacher Retirement System of Texas acquired a new position in Clear Channel Outdoor in the first quarter valued at about $39,000. JPMorgan Chase & Co. raised its stake in shares of Clear Channel Outdoor by 9.0% during the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider's stock worth $10,099,000 after buying an additional 610,110 shares during the last quarter. Diameter Capital Partners LP raised its stake in shares of Clear Channel Outdoor by 2,210.5% during the fourth quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider's stock worth $13,843,000 after buying an additional 9,666,788 shares during the last quarter. Geode Capital Management LLC increased its stake 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 purchasing an additional 34,262 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in Clear Channel Outdoor by 22.9% in the fourth quarter. Wells Fargo & Company MN now owns 246,705 shares of the business services provider's stock valued at $338,000 after purchasing an additional 46,050 shares in the last quarter. Hedge funds and other 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.