Clear Channel Outdoor (NYSE:CCO) Stock Price Down 5.6% – Time to Sell?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s share price dropped 5.6% during mid-day trading on Friday . The stock traded as low as $1.09 and last traded at $1.10. Approximately 664,264 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 1,694,129 shares. The stock had previously closed at $1.16.

Analyst Upgrades and Downgrades

CCO has been the subject of several analyst reports. Barrington Research lowered shares of Clear Channel Outdoor from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 23rd. Morgan Stanley reduced 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 Thursday, May 1st.

Clear Channel Outdoor Stock Performance

The business’s fifty day simple moving average is $1.07 and its 200-day simple moving average is $1.25. The firm has a market capitalization of $553.84 million, a PE ratio of -3.84 and a beta of 2.59.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings data on Thursday, May 1st. The business services provider reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $334.18 million for the quarter, compared to analysts’ expectations of $337.70 million.

Insider Buying and Selling at Clear Channel Outdoor

In other Clear Channel Outdoor news, major shareholder Arturo R. Moreno bought 29,289 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average cost of $0.94 per share, with a total value of $27,531.66. Following the completion of the acquisition, the insider now owns 61,445,196 shares in the company, valued at $57,758,484.24. This trade represents a 0.05% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott Wells bought 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was acquired at an average cost of $1.08 per share, with a total value of $54,000.00. Following the completion of the acquisition, the chief executive officer now owns 3,392,205 shares of the company’s stock, valued at $3,663,581.40. This represents a 1.50% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 8,009,591 shares of company stock valued at $7,774,881 in the last three months. 7.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its holdings in shares of Clear Channel Outdoor by 9.0% in the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider’s stock valued at $10,099,000 after purchasing an additional 610,110 shares in the last quarter. Diameter Capital Partners LP boosted its stake in Clear Channel Outdoor by 2,210.5% during the fourth quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider’s stock worth $13,843,000 after buying an additional 9,666,788 shares during the period. Geode Capital Management LLC boosted its stake in Clear Channel Outdoor by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider’s stock worth $10,756,000 after buying an additional 34,262 shares during the period. Gamco Investors INC. ET AL boosted its stake in Clear Channel Outdoor by 7.8% during the fourth quarter. Gamco Investors INC. ET AL now owns 5,636,000 shares of the business services provider’s stock worth $7,721,000 after buying an additional 405,500 shares during the period. Finally, Intech Investment Management LLC boosted its stake in Clear Channel Outdoor by 114.4% during the fourth quarter. Intech Investment Management LLC now owns 143,413 shares of the business services provider’s stock worth $196,000 after buying an additional 76,536 shares during the period. 85.52% of the stock is owned by hedge funds and other institutional investors.

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.