Prelude Capital Management LLC Invests $286,000 in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Prelude Capital Management LLC purchased a new position in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 238,328 shares of the business services provider’s stock, valued at approximately $286,000.

A number of other large investors have also recently made changes to their positions in CCO. Bank of New York Mellon Corp grew its stake in shares of Clear Channel Outdoor by 10.8% in the first quarter. Bank of New York Mellon Corp now owns 1,809,633 shares of the business services provider’s stock worth $6,261,000 after acquiring an additional 176,774 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Clear Channel Outdoor by 90.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,500 shares of the business services provider’s stock worth $164,000 after acquiring an additional 22,500 shares during the period. MetLife Investment Management LLC grew its stake in shares of Clear Channel Outdoor by 39.0% in the first quarter. MetLife Investment Management LLC now owns 175,746 shares of the business services provider’s stock worth $608,000 after acquiring an additional 49,285 shares during the period. Panagora Asset Management Inc. bought a new stake in Clear Channel Outdoor during the first quarter valued at approximately $808,000. Finally, APG Asset Management N.V. bought a new stake in Clear Channel Outdoor during the first quarter valued at approximately $1,945,000.

Clear Channel Outdoor Price Performance

Shares of NYSE:CCO opened at $1.43 on Tuesday. Clear Channel Outdoor Holdings, Inc. has a 1-year low of $0.95 and a 1-year high of $2.14. The company has a market capitalization of $690.56 million, a P/E ratio of -71.46 and a beta of 2.56. The firm’s 50 day simple moving average is $1.52 and its two-hundred day simple moving average is $1.35.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings results on Monday, August 7th. The business services provider reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The business had revenue of $637.20 million for the quarter, compared to analyst estimates of $636.37 million. During the same quarter in the prior year, the company earned ($0.04) earnings per share. Clear Channel Outdoor’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CCO has been the subject of several recent research reports. Barrington Research restated an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a research report on Monday, August 14th. StockNews.com initiated coverage on shares of Clear Channel Outdoor in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Citigroup cut their target price on shares of Clear Channel Outdoor from $1.50 to $1.40 and set a “neutral” rating for the company in a research report on Tuesday, August 29th.

Clear Channel Outdoor 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, Europe-South, and Other segments. The company offers 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, newsracks, and other public structures; transit displays, which are advertising surfaces within the common areas of rail stations and on various types of vehicles; and airport advertising displays.