Clear Channel Outdoor (NYSE:CCO) Trading Down 3.4%

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) were down 3.4% during mid-day trading on Friday . The company traded as low as $1.62 and last traded at $1.62. Approximately 434,799 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 2,378,780 shares. The stock had previously closed at $1.68.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CCO shares. StockNews.com upgraded shares of Clear Channel Outdoor from a "sell" rating to a "hold" rating in a research note on Friday, February 16th. Wells Fargo & Company raised shares of Clear Channel Outdoor from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $1.50 to $2.75 in a research note on Wednesday, December 20th. Barrington Research reaffirmed an "outperform" rating and issued a $2.50 target price on shares of Clear Channel Outdoor in a research note on Tuesday, February 27th. Finally, Morgan Stanley increased their price target on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $2.16.

Clear Channel Outdoor Stock Performance

The firm has a market capitalization of $778.79 million, a price-to-earnings ratio of -2.48 and a beta of 2.88. The business's 50-day moving average is $1.70 and its two-hundred day moving average is $1.55.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings results on Monday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. The firm had revenue of $632.11 million during the quarter, compared to analyst estimates of $611.62 million. During the same quarter in the prior year, the business earned $0.24 earnings per share. Analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.24 EPS for the current year.

Institutional Trading of Clear Channel Outdoor

Several hedge funds have recently bought and sold shares of CCO. JPMorgan Chase & Co. raised its holdings in Clear Channel Outdoor by 102.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 14,931,384 shares of the business services provider's stock worth $23,592,000 after buying an additional 7,565,634 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Clear Channel Outdoor by 39.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,475,399 shares of the business services provider's stock worth $13,099,000 after buying an additional 3,550,199 shares during the period. Morgan Stanley raised its holdings in Clear Channel Outdoor by 16.2% during the 4th quarter. Morgan Stanley now owns 18,272,035 shares of the business services provider's stock worth $19,186,000 after buying an additional 2,541,546 shares during the period. Norges Bank acquired a new stake in Clear Channel Outdoor during the 4th quarter worth approximately $2,596,000. Finally, Vanguard Group Inc. raised its holdings in Clear Channel Outdoor by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 37,671,943 shares of the business services provider's stock worth $130,345,000 after buying an additional 2,381,643 shares during the period. 85.52% of the stock is currently owned by institutional investors and hedge funds.

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.