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

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) gapped up prior to trading 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.

Wall Street Analyst Weigh In

Several analysts have commented on CCO shares. Wells Fargo & Company upgraded shares of Clear Channel Outdoor from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $1.50 to $2.75 in a research note on Wednesday, December 20th. 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 target price on shares of Clear Channel Outdoor in a report on Tuesday, February 27th. Finally, Morgan Stanley boosted their target price 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Clear Channel Outdoor has a consensus rating of “Hold” and an average target price of $2.16.

Clear Channel Outdoor Stock Performance

The company has a market capitalization of $689.30 million, a P/E ratio of -2.19 and a beta of 2.88. The firm’s fifty day moving average is $1.67 and its 200 day moving average is $1.55.

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

Hedge Funds Weigh In On Clear Channel Outdoor

A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in shares of Clear Channel Outdoor by 102.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 14,931,384 shares of the business services provider’s stock worth $23,592,000 after purchasing an additional 7,565,634 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Clear Channel Outdoor by 39.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,475,399 shares of the business services provider’s stock worth $13,099,000 after purchasing an additional 3,550,199 shares during the period. Morgan Stanley lifted its position in shares of Clear Channel Outdoor by 16.2% in the 4th quarter. Morgan Stanley now owns 18,272,035 shares of the business services provider’s stock worth $19,186,000 after purchasing an additional 2,541,546 shares during the period. Norges Bank purchased a new stake in shares of Clear Channel Outdoor in the 4th quarter worth approximately $2,596,000. Finally, Vanguard Group Inc. lifted its position in shares of Clear Channel Outdoor by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 37,671,943 shares of the business services provider’s stock worth $130,345,000 after purchasing an additional 2,381,643 shares during the period. 85.52% of the stock is currently owned by 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.