Clear Channel Outdoor (NYSE:CCO) Trading Up 5% - Here's Why

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

Wall Street Analysts Forecast Growth

CCO has been the subject of a number of analyst reports. Barrington Research lowered shares of Clear Channel Outdoor from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 23rd. Morgan Stanley reduced their price target on shares of 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 Stock Up 3.2%

The firm has a market capitalization of $563.77 million, a PE ratio of -18.91 and a beta of 2.59. The business's 50-day moving average price is $1.08 and its 200-day moving average price is $1.24.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its 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 company had revenue of $334.18 million during the quarter, compared to analysts' expectations of $337.70 million.

Insider Buying and Selling

In other Clear Channel Outdoor news, major shareholder Arturo R. Moreno acquired 2,500,000 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The stock was purchased at an average cost of $0.94 per share, for a total transaction of $2,350,000.00. Following the completion of the acquisition, the insider now owns 57,432,534 shares of the company's stock, valued at approximately $53,986,581.96. This trade represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Scott Wells purchased 50,000 shares of Clear Channel Outdoor stock in a transaction on 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 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 8,009,591 shares of company stock worth $7,774,881. Insiders own 7.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Diameter Capital Partners LP increased 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 worth $13,843,000 after purchasing an additional 9,666,788 shares during the period. Readystate Asset Management LP grew its holdings in Clear Channel Outdoor by 37.9% in the 1st quarter. Readystate Asset Management LP now owns 6,267,547 shares of the business services provider's stock valued at $6,957,000 after buying an additional 1,723,417 shares during the last quarter. Nuveen LLC acquired a new position in shares of Clear Channel Outdoor during the first quarter worth approximately $1,612,000. Anson Funds Management LP lifted its holdings in shares of Clear Channel Outdoor by 7.8% during the first quarter. Anson Funds Management LP now owns 18,076,186 shares of the business services provider's stock worth $20,065,000 after buying an additional 1,310,680 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider's stock valued at $5,432,000 after acquiring 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.

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