Clear Channel Outdoor (NYSE:CCO) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.53 and traded as high as $1.65. Clear Channel Outdoor shares last traded at $1.57, with a volume of 1,117,754 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wells Fargo & Company downgraded shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $2.75 to $1.75 in a research note on Thursday, September 19th. Barrington Research restated an “outperform” rating and issued a $2.50 target price on shares of Clear Channel Outdoor in a research note on Thursday, October 31st. Finally, TD Cowen reduced their target price on shares of Clear Channel Outdoor from $2.60 to $2.40 and set a “buy” rating on the stock in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.16.

Clear Channel Outdoor Stock Down 4.3 %

The stock has a fifty day moving average of $1.58 and a 200-day moving average of $1.53. The firm has a market capitalization of $767.85 million, a P/E ratio of -5.41 and a beta of 3.08.

Insider Activity at Clear Channel Outdoor

In other Clear Channel Outdoor news, major shareholder Arturo R. Moreno purchased 250,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $1.45 per share, with a total value of $362,500.00. Following the completion of the acquisition, the insider now directly owns 52,182,534 shares of the company’s stock, valued at $75,664,674.30. This represents a 0.48 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.53% of the stock is currently owned by company insiders.

Institutional Trading of Clear Channel Outdoor

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCO. BNP Paribas Financial Markets raised its holdings in Clear Channel Outdoor by 63.3% during the 1st quarter. BNP Paribas Financial Markets now owns 212,246 shares of the business services provider’s stock worth $350,000 after purchasing an additional 82,286 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Clear Channel Outdoor by 8.6% during the 1st quarter. Russell Investments Group Ltd. now owns 290,550 shares of the business services provider’s stock worth $479,000 after purchasing an additional 23,067 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in Clear Channel Outdoor by 21.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock worth $5,658,000 after purchasing an additional 610,500 shares during the last quarter. Gabelli Funds LLC raised its holdings in Clear Channel Outdoor by 6.6% during the 1st quarter. Gabelli Funds LLC now owns 2,275,000 shares of the business services provider’s stock worth $3,754,000 after purchasing an additional 140,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Clear Channel Outdoor by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 322,600 shares of the business services provider’s stock worth $534,000 after purchasing an additional 17,901 shares during the last quarter. 85.52% of the stock is 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.