Clear Channel Outdoor (NYSE:CCO) Shares Gap Up to $1.54

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $1.54, but opened at $1.59. Clear Channel Outdoor shares last traded at $1.58, with a volume of 186,732 shares.

Analysts Set New Price Targets

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

Clear Channel Outdoor Trading Up 0.6 %

The company has a market capitalization of $802.98 million, a price-to-earnings ratio of -2.55 and a beta of 2.89. The company has a fifty day moving average of $1.72 and a 200-day moving average of $1.54.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings data on Monday, February 26th. The business services provider reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 previous year, the firm posted $0.24 earnings per share. As a group, equities research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Carronade Capital Management LP acquired a new position in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $1,580,000. CenterBook Partners LP raised its position in shares of Clear Channel Outdoor by 183.3% during the 3rd quarter. CenterBook Partners LP now owns 2,777,537 shares of the business services provider’s stock valued at $4,389,000 after buying an additional 1,797,154 shares during the period. Shenkman Capital Management Inc. raised its position in shares of Clear Channel Outdoor by 70.9% during the 3rd quarter. Shenkman Capital Management Inc. now owns 1,704,589 shares of the business services provider’s stock valued at $2,693,000 after buying an additional 707,389 shares during the period. State of Wyoming raised its position in shares of Clear Channel Outdoor by 43.8% during the 2nd quarter. State of Wyoming now owns 446,228 shares of the business services provider’s stock valued at $611,000 after buying an additional 135,971 shares during the period. Finally, SG Americas Securities LLC raised its position in Clear Channel Outdoor by 19.9% in the third quarter. SG Americas Securities LLC now owns 143,417 shares of the business services provider’s stock valued at $227,000 after purchasing an additional 23,756 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.