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 traded.

Analysts Set New Price Targets

CCO has been the topic of several research reports. Barrington Research reaffirmed an “outperform” rating and issued a $2.50 price objective on shares of Clear Channel Outdoor in a research report on Tuesday, February 27th. Morgan Stanley boosted their price target on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 28th. Wells Fargo & Company raised shares of Clear Channel Outdoor from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $1.50 to $2.75 in a research report on Wednesday, December 20th. Finally, StockNews.com raised shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Clear Channel Outdoor presently has an average rating of “Hold” and an average price target of $2.16.

Clear Channel Outdoor Stock Performance

The firm’s 50 day moving average is $1.68 and its 200 day moving average is $1.55.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings data on Monday, February 26th. The business services provider reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $632.11 million for the quarter, compared to analysts’ expectations of $611.62 million. During the same period in the prior year, the firm posted $0.24 EPS. As a group, equities 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

Hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC purchased a new position in Clear Channel Outdoor during the first quarter valued at approximately $35,000. Optas LLC purchased a new position in Clear Channel Outdoor in the 3rd quarter worth approximately $27,000. Covestor Ltd grew its stake in Clear Channel Outdoor by 12,212.4% in the 1st quarter. Covestor Ltd now owns 20,931 shares of the business services provider’s stock worth $72,000 after buying an additional 20,761 shares in the last quarter. Parallax Volatility Advisers L.P. purchased a new position in Clear Channel Outdoor in the 3rd quarter worth approximately $30,000. Finally, Envestnet Asset Management Inc. purchased a new position in Clear Channel Outdoor in the 3rd quarter worth approximately $42,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.

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.