Clear Channel Outdoor (NYSE:CCO) Shares Gap Up Following Earnings Beat

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $0.98, but opened at $1.08. Clear Channel Outdoor shares last traded at $1.09, with a volume of 455,085 shares trading hands.

The business services provider reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $334.18 million during the quarter, compared to analysts’ expectations of $337.70 million.

Wall Street Analyst Weigh In

CCO has been the subject of several analyst reports. Barrington Research lowered Clear Channel Outdoor from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 23rd. Morgan Stanley dropped their price objective on shares of Clear Channel Outdoor from $2.00 to $1.50 and set an “equal weight” rating for the company in a research note on Thursday.

Insider Buying and Selling at Clear Channel Outdoor

In other Clear Channel Outdoor news, major shareholder Arturo R. Moreno acquired 980,644 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The stock was bought at an average price of $0.93 per share, for a total transaction of $911,998.92. Following the acquisition, the insider now directly owns 61,210,458 shares in the company, valued at $56,925,725.94. The trade was a 1.63 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired 7,350,634 shares of company stock worth $7,065,918 over the last 90 days. Company insiders own 7.70% of the company’s stock.

Institutional Trading of Clear Channel Outdoor

Large investors have recently made changes to their positions in the stock. Diameter Capital Partners LP boosted its position in Clear Channel Outdoor by 2,210.5% in the 4th quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider’s stock valued at $13,843,000 after buying an additional 9,666,788 shares during the period. Geode Capital Management LLC increased its holdings in Clear Channel Outdoor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 7,849,191 shares of the business services provider’s stock worth $10,756,000 after purchasing an additional 34,262 shares during the period. JPMorgan Chase & Co. raised its position in Clear Channel Outdoor by 9.0% during the 4th quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider’s stock valued at $10,099,000 after purchasing an additional 610,110 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of Clear Channel Outdoor by 7.8% in the 4th quarter. Gamco Investors INC. ET AL now owns 5,636,000 shares of the business services provider’s stock worth $7,721,000 after buying an additional 405,500 shares during the period. Finally, Northern Trust Corp grew its position in shares of Clear Channel Outdoor by 3.8% during the 4th quarter. Northern Trust Corp now owns 3,205,102 shares of the business services provider’s stock worth $4,391,000 after buying an additional 117,516 shares in the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.

Clear Channel Outdoor Stock Up 3.8 %

The firm has a 50 day moving average price of $1.09 and a 200 day moving average price of $1.34. The stock has a market cap of $529.26 million, a PE ratio of -3.72 and a beta of 2.72.

Clear Channel Outdoor Company Profile

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.