Clear Channel Outdoor (NYSE:CCO) Trading Down 5.6% - Time to Sell?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) shares traded down 5.6% during trading on Friday . The company traded as low as $1.09 and last traded at $1.10. 664,264 shares traded hands during trading, a decline of 61% from the average session volume of 1,694,129 shares. The stock had previously closed at $1.16.

Analyst Ratings Changes

CCO has been the subject of several research analyst reports. Morgan Stanley reduced their price objective on shares of 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. Barrington Research downgraded shares of Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 23rd.

Clear Channel Outdoor Stock Performance

The company has a market cap of $568.74 million, a P/E ratio of -3.95 and a beta of 2.59. The stock has a 50 day moving average price of $1.07 and a 200 day moving average price of $1.24.

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

Insider Activity at Clear Channel Outdoor

In related news, major shareholder Arturo R. Moreno purchased 38,815 shares of the company's stock in a transaction on Thursday, June 5th. The shares were bought at an average price of $1.06 per share, with a total value of $41,143.90. Following the completion of the acquisition, the insider now owns 64,134,352 shares of the company's stock, valued at approximately $67,982,413.12. This represents a 0.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Scott Wells acquired 50,000 shares of Clear Channel Outdoor stock in a transaction dated Tuesday, May 6th. The shares were bought at an average cost of $1.08 per share, with a total value of $54,000.00. Following the completion of the purchase, the chief executive officer now owns 3,392,205 shares in the company, valued at approximately $3,663,581.40. This represents a 1.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 8,009,591 shares of company stock valued at $7,774,881 over the last ninety days. Insiders own 7.70% of the company's stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Hedge funds and other institutional investors have recently modified their holdings of the stock. Diameter Capital Partners LP lifted its stake in 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 valued at $13,843,000 after buying an additional 9,666,788 shares in the last quarter. Readystate Asset Management LP raised its holdings in shares of Clear Channel Outdoor by 37.9% during 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. Nuveen LLC acquired a new stake in shares of Clear Channel Outdoor during the first quarter valued at approximately $1,612,000. Anson Funds Management LP lifted its position in shares of Clear Channel Outdoor by 7.8% in the 1st quarter. Anson Funds Management LP now owns 18,076,186 shares of the business services provider's stock valued at $20,065,000 after acquiring an additional 1,310,680 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in Clear Channel Outdoor by 22.9% in the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider's stock worth $5,432,000 after purchasing an additional 912,632 shares during the period. Institutional investors and hedge funds 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.