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

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) 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 trading hands.

Wall Street Analyst Weigh In

CCO has been the topic of several research reports. Wells Fargo & Company lowered Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $2.75 to $1.75 in a research note on Thursday, September 19th. Barrington Research reiterated an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research note on Thursday, October 31st. Finally, TD Cowen lowered their price objective on shares of Clear Channel Outdoor from $2.60 to $2.40 and set a “buy” rating for the company in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently 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.

Insider Buying and Selling at Clear Channel Outdoor

In other news, major shareholder Arturo R. Moreno acquired 250,000 shares of the company’s stock in a transaction on Monday, November 4th. The shares were bought at an average cost of $1.45 per share, with a total value of $362,500.00. Following the transaction, the insider now owns 52,182,534 shares in the company, valued at approximately $75,664,674.30. This trade represents a 0.48 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of institutional investors and hedge funds have recently modified their holdings of CCO. Millennium Management LLC raised its stake 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 valued at $10,339,000 after buying an additional 2,242,205 shares in the last quarter. Whitebox Advisors LLC acquired a new stake in shares of Clear Channel Outdoor during the 2nd quarter worth about $2,287,000. Cerity Partners LLC purchased a new stake in Clear Channel Outdoor during the third quarter worth approximately $1,730,000. Assenagon Asset Management S.A. acquired a new position in Clear Channel Outdoor in the second quarter valued at approximately $1,114,000. Finally, Gamco Investors INC. ET AL boosted its holdings in Clear Channel Outdoor by 21.7% in 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 purchasing an additional 610,500 shares in the last quarter. Institutional investors and hedge funds 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.