Clear Channel Outdoor (NYSE:CCO) Shares Gap Down to $1.56

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $1.56, but opened at $1.51. Clear Channel Outdoor shares last traded at $1.55, with a volume of 430,796 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. StockNews.com upgraded Clear Channel Outdoor from a "sell" rating to a "hold" rating in a report on Friday, February 16th. Morgan Stanley boosted their price target on Clear Channel Outdoor from $1.50 to $2.00 and gave the company an "equal weight" rating in a report on Wednesday, February 28th. Finally, Barrington Research restated an "outperform" rating and issued a $2.50 price target on shares of Clear Channel Outdoor in a report on Monday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $2.16.

Clear Channel Outdoor Price Performance

The business has a 50-day moving average of $1.56 and a 200-day moving average of $1.60. The firm has a market cap of $757.02 million, a price-to-earnings ratio of -2.03 and a beta of 2.91.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its earnings results on Thursday, May 9th. The business services provider reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.18) by $0.01. The company had revenue of $481.75 million during the quarter, compared to analyst estimates of $480.69 million. During the same period in the prior year, the firm posted ($0.23) EPS. As a group, equities analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of institutional investors have recently bought and sold shares of CCO. Optas LLC acquired a new position in Clear Channel Outdoor during the third quarter worth approximately $27,000. Principal Financial Group Inc. increased its position in Clear Channel Outdoor by 39.2% during the third quarter. Principal Financial Group Inc. now owns 55,130 shares of the business services provider's stock worth $87,000 after buying an additional 15,511 shares during the last quarter. Quantbot Technologies LP increased its position in Clear Channel Outdoor by 3,466.3% during the third quarter. Quantbot Technologies LP now owns 126,213 shares of the business services provider's stock worth $199,000 after buying an additional 122,674 shares during the last quarter. Shenkman Capital Management Inc. increased its position in Clear Channel Outdoor by 70.9% during the third quarter. Shenkman Capital Management Inc. now owns 1,704,589 shares of the business services provider's stock worth $2,693,000 after buying an additional 707,389 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its position in Clear Channel Outdoor by 5.3% during the third quarter. Wolverine Asset Management LLC now owns 988,136 shares of the business services provider's stock worth $1,561,000 after buying an additional 50,000 shares during the last quarter. 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.