Morgan Stanley Has Lowered Expectations for Clear Channel Outdoor (NYSE:CCO) Stock Price

Clear Channel Outdoor (NYSE:CCO) had its price target reduced by analysts at Morgan Stanley from $2.00 to $1.50 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 38.89% from the stock’s current price.

Separately, Barrington Research cut Clear Channel Outdoor from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 23rd.

Clear Channel Outdoor Stock Performance

CCO stock opened at $1.08 on Thursday. Clear Channel Outdoor has a one year low of $0.81 and a one year high of $1.88. The firm has a market cap of $529.26 million, a price-to-earnings ratio of -3.72 and a beta of 2.72. The firm has a 50-day simple moving average of $1.09 and a two-hundred day simple moving average of $1.34.

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

Insider Activity at Clear Channel Outdoor

In other news, major shareholder Arturo R. Moreno bought 144,601 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The shares were purchased at an average price of $1.02 per share, for a total transaction of $147,493.02. Following the completion of the transaction, the insider now directly owns 61,643,729 shares in the company, valued at approximately $62,876,603.58. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have bought a total of 7,350,634 shares of company stock valued at $7,065,918 in the last ninety days. Company insiders own 7.70% of the company’s stock.

Institutional Trading of Clear Channel Outdoor

Several institutional investors and hedge funds have recently bought and sold shares of CCO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Clear Channel Outdoor by 5.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 202,148 shares of the business services provider’s stock worth $277,000 after purchasing an additional 11,015 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Clear Channel Outdoor by 8.5% during the 4th quarter. MetLife Investment Management LLC now owns 176,289 shares of the business services provider’s stock valued at $242,000 after buying an additional 13,824 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Clear Channel Outdoor by 24.2% in the 4th quarter. Cubist Systematic Strategies LLC now owns 97,302 shares of the business services provider’s stock valued at $133,000 after buying an additional 18,958 shares during the period. DigitalBridge Group Inc. lifted its holdings in shares of Clear Channel Outdoor by 2.4% in the 4th quarter. DigitalBridge Group Inc. now owns 823,833 shares of the business services provider’s stock valued at $1,129,000 after buying an additional 19,100 shares during the period. Finally, AEGON USA Investment Management LLC boosted its stake in shares of Clear Channel Outdoor by 11.4% in the first quarter. AEGON USA Investment Management LLC now owns 240,310 shares of the business services provider’s stock worth $267,000 after buying an additional 24,503 shares during the last quarter. 85.52% of the stock is currently owned by institutional investors and hedge funds.

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.