Clear Channel Outdoor (NYSE:CCO) Price Target Cut to $1.10

Clear Channel Outdoor (NYSE:CCOGet Rating) had its price objective trimmed by Citigroup from $1.65 to $1.10 in a research report report published on Tuesday morning, The Fly reports.

Several other research analysts have also recently issued reports on CCO. Morgan Stanley lowered their target price 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 Wednesday, November 9th. StockNews.com assumed coverage on shares of Clear Channel Outdoor in a research note on Wednesday, October 12th. They set a hold rating for the company. Barrington Research decreased their price target on shares of Clear Channel Outdoor from $3.25 to $2.50 in a research note on Wednesday, November 16th. Finally, Cowen decreased their price target on shares of Clear Channel Outdoor to $3.50 in a research note on Monday, August 15th.

Clear Channel Outdoor Trading Down 2.8 %

Shares of Clear Channel Outdoor stock opened at $1.06 on Tuesday. The company has a fifty day simple moving average of $1.44 and a 200-day simple moving average of $1.48. Clear Channel Outdoor has a 12-month low of $0.91 and a 12-month high of $4.10. The stock has a market cap of $504.62 million, a price-to-earnings ratio of -3.79 and a beta of 2.43.

Insider Buying and Selling

In other Clear Channel Outdoor news, major shareholder Ares Management Llc purchased 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The stock was purchased at an average price of $1.40 per share, for a total transaction of $280,000.00. Following the purchase, the insider now directly owns 48,271,580 shares in the company, valued at $67,580,212. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired a total of 1,800,000 shares of company stock worth $2,706,000 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Clear Channel Outdoor by 2.9% during the 3rd quarter. Vanguard Group Inc. now owns 42,561,409 shares of the business services provider’s stock worth $58,309,000 after buying an additional 1,212,809 shares during the last quarter. State Street Corp grew its stake in Clear Channel Outdoor by 4.6% in the 2nd quarter. State Street Corp now owns 8,315,647 shares of the business services provider’s stock valued at $8,898,000 after acquiring an additional 368,576 shares during the last quarter. Diameter Capital Partners LP acquired a new stake in Clear Channel Outdoor in the 1st quarter valued at about $25,915,000. Franklin Resources Inc. grew its stake in Clear Channel Outdoor by 68.6% in the 2nd quarter. Franklin Resources Inc. now owns 7,329,745 shares of the business services provider’s stock valued at $7,844,000 after acquiring an additional 2,982,276 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Clear Channel Outdoor by 34.6% in the 2nd quarter. Millennium Management LLC now owns 5,512,304 shares of the business services provider’s stock valued at $5,898,000 after acquiring an additional 1,418,103 shares during the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.

Clear Channel Outdoor Company Profile

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Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures.

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