Clear Channel Outdoor (NYSE:CCO) Shares Up 5% - Still a Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) shares traded up 5% on Friday . The company traded as high as $1.16 and last traded at $1.16. 835,231 shares changed hands during trading, a decline of 52% from the average session volume of 1,752,111 shares. The stock had previously closed at $1.10.

Analyst Ratings Changes

A number of research firms have recently issued reports on CCO. Morgan Stanley reduced 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. Barrington Research downgraded shares of Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 23rd.

Clear Channel Outdoor Stock Performance

The company has a market capitalization of $586.12 million, a price-to-earnings ratio of -19.66 and a beta of 2.59. The firm has a 50-day simple moving average of $1.08 and a two-hundred day simple moving average of $1.23.

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

Insider Activity at Clear Channel Outdoor

In other news, CEO Scott Wells purchased 50,000 shares of the stock in a transaction on Tuesday, May 6th. The stock was bought at an average price of $1.08 per share, for a total transaction of $54,000.00. Following the acquisition, the chief executive officer now directly owns 3,392,205 shares of the company's stock, valued at approximately $3,663,581.40. The trade was a 1.50% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Arturo R. Moreno acquired 200,000 shares of Clear Channel Outdoor stock in a transaction dated Thursday, May 8th. The stock was purchased at an average price of $1.09 per share, for a total transaction of $218,000.00. Following the completion of the acquisition, the insider now directly owns 62,894,358 shares in the company, valued at approximately $68,554,850.22. This represents a 0.32% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 8,009,591 shares of company stock worth $7,774,881. Company insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Institutional investors and hedge funds have recently modified their holdings of the company. EntryPoint Capital LLC purchased a new stake in Clear Channel Outdoor during the 1st quarter worth about $31,000. Graham Capital Management L.P. acquired a new stake in shares of Clear Channel Outdoor during the 4th quarter worth about $36,000. Teacher Retirement System of Texas purchased a new stake in Clear Channel Outdoor during the first quarter worth approximately $39,000. Cibc World Markets Corp acquired a new position in Clear Channel Outdoor in the fourth quarter valued at approximately $45,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Clear Channel Outdoor in the fourth quarter valued at approximately $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.