Clear Channel Outdoor (NYSE:CCO) Shares Gap Up on Insider Buying Activity

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $0.98, but opened at $1.08. Clear Channel Outdoor shares last traded at $1.09, with a volume of 455,085 shares traded.

Specifically, major shareholder Arturo R. Moreno acquired 83,378 shares of the firm’s stock in a transaction dated Monday, April 28th. The shares were purchased at an average cost of $1.02 per share, for a total transaction of $85,045.56. Following the acquisition, the insider now owns 62,227,107 shares in the company, valued at $63,471,649.14. The trade was a 0.13 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Arturo R. Moreno bought 144,601 shares of the company’s stock in a transaction on Thursday, April 24th. The stock was purchased at an average cost of $1.02 per share, with a total value of $147,493.02. Following the completion of the transaction, the insider now owns 61,643,729 shares in the company, valued at $62,876,603.58. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Morgan Stanley reduced their price target on Clear Channel Outdoor from $2.00 to $1.50 and set an “equal weight” rating on the stock in a research report on Thursday. Barrington Research cut shares of Clear Channel Outdoor from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 23rd.

Clear Channel Outdoor Stock Performance

The stock has a market capitalization of $504.76 million, a PE ratio of -3.55 and a beta of 2.72. The business’s 50-day moving average is $1.09 and its two-hundred day moving average is $1.35.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in shares of Clear Channel Outdoor by 9.0% during the 4th quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider’s stock worth $10,099,000 after purchasing an additional 610,110 shares during the period. Barclays PLC raised its position in Clear Channel Outdoor by 271.2% in the third quarter. Barclays PLC now owns 520,663 shares of the business services provider’s stock valued at $833,000 after purchasing an additional 380,408 shares during the period. SG Americas Securities LLC grew its stake in shares of Clear Channel Outdoor by 31.2% in the fourth quarter. SG Americas Securities LLC now owns 294,947 shares of the business services provider’s stock valued at $404,000 after buying an additional 70,196 shares in the last quarter. Geode Capital Management LLC lifted its position in Clear Channel Outdoor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider’s stock worth $10,756,000 after acquiring an additional 34,262 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in Clear Channel Outdoor by 114.4% in the 4th quarter. Intech Investment Management LLC now owns 143,413 shares of the business services provider’s stock worth $196,000 after acquiring an additional 76,536 shares during the period. 85.52% of the stock is owned by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile

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.