Clear Channel Outdoor (NYSE:CCO) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company cut shares of Clear Channel Outdoor (NYSE:CCO) from an overweight rating to an equal weight rating in a research note published on Thursday, MarketBeat reports. Wells Fargo & Company currently has $1.75 price objective on the business services provider’s stock, down from their previous price objective of $2.75.

Separately, Barrington Research reaffirmed an outperform rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research note on Monday, August 12th.

Clear Channel Outdoor Price Performance

Shares of NYSE CCO opened at $1.65 on Thursday. The firm has a 50-day simple moving average of $1.55 and a two-hundred day simple moving average of $1.53. Clear Channel Outdoor has a 1 year low of $1.04 and a 1 year high of $2.06. The company has a market cap of $806.37 million, a P/E ratio of -2.14 and a beta of 3.07.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $558.54 million for the quarter, compared to analysts’ expectations of $563.75 million. As a group, equities research analysts expect that Clear Channel Outdoor will post -0.29 EPS for the current year.

Insider Activity at Clear Channel Outdoor

In related news, major shareholder Pacific Investment Management sold 46,959 shares of Clear Channel Outdoor stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $1.69, for a total transaction of $79,360.71. Following the transaction, the insider now directly owns 104,812,998 shares of the company’s stock, valued at $177,133,966.62. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Clear Channel Outdoor

Several institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC grew its holdings in Clear Channel Outdoor by 44.0% in the second quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock worth $10,339,000 after purchasing an additional 2,242,205 shares during the last quarter. Gamco Investors INC. ET AL grew its holdings in shares of Clear Channel Outdoor by 21.7% during the first quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock valued at $5,658,000 after buying an additional 610,500 shares during the last quarter. Gabelli Funds LLC grew its holdings in shares of Clear Channel Outdoor by 25.9% during the second quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider’s stock valued at $4,040,000 after buying an additional 590,000 shares during the last quarter. Whitebox Advisors LLC purchased a new stake in shares of Clear Channel Outdoor during the second quarter valued at $2,287,000. Finally, Bank of New York Mellon Corp lifted its position in Clear Channel Outdoor by 3.7% during the second quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider’s stock valued at $1,983,000 after purchasing an additional 49,714 shares during the period. 85.52% of the stock is owned by hedge funds and other 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.