Clear Channel Outdoor (NYSE:CCO) Shares Gap Up to $1.47

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.47, but opened at $1.50. Clear Channel Outdoor shares last traded at $1.45, with a volume of 226,272 shares trading hands.

Wall Street Analyst Weigh In

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

Clear Channel Outdoor Stock Performance

The business has a fifty day moving average of $1.68 and a 200-day moving average of $1.55.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings data on Monday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $632.11 million for the quarter, compared to the consensus estimate of $611.62 million. During the same period in the prior year, the business earned $0.24 earnings per share. Analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.24 EPS for the current year.

Institutional Trading of Clear Channel Outdoor

Hedge funds have recently modified their holdings of the business. Carronade Capital Management LP purchased a new stake in shares of Clear Channel Outdoor in the third quarter worth approximately $1,580,000. SG Americas Securities LLC raised its holdings in Clear Channel Outdoor by 41.4% during the fourth quarter. SG Americas Securities LLC now owns 202,741 shares of the business services provider’s stock valued at $369,000 after buying an additional 59,324 shares in the last quarter. CenterBook Partners LP raised its holdings in Clear Channel Outdoor by 183.3% during the third 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 in the last quarter. Shenkman Capital Management Inc. increased its stake in shares of Clear Channel Outdoor by 70.9% in 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 purchasing an additional 707,389 shares during the period. Finally, Requisite Capital Management LLC increased its stake in shares of Clear Channel Outdoor by 100.0% in the fourth quarter. Requisite Capital Management LLC now owns 400,000 shares of the business services provider’s stock worth $728,000 after purchasing an additional 200,000 shares during the period. Hedge funds and other institutional investors 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.