Readystate Asset Management LP Acquires 374,347 Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Readystate Asset Management LP raised its holdings in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) by 64.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 957,401 shares of the business services provider’s stock after buying an additional 374,347 shares during the quarter. Readystate Asset Management LP’s holdings in Clear Channel Outdoor were worth $1,742,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Optas LLC bought a new position in shares of Clear Channel Outdoor during the third quarter valued at about $27,000. Parallax Volatility Advisers L.P. bought a new position in shares of Clear Channel Outdoor during the third quarter valued at about $30,000. Raymond James & Associates lifted its position in shares of Clear Channel Outdoor by 76.9% during the fourth quarter. Raymond James & Associates now owns 29,900 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 13,000 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Clear Channel Outdoor during the first quarter valued at about $35,000. Finally, Alpine Global Management LLC bought a new position in shares of Clear Channel Outdoor during the fourth quarter valued at about $36,000. 85.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Clear Channel Outdoor Stock Down 2.4 %

NYSE CCO traded down $0.03 during trading hours on Wednesday, reaching $1.43. 1,197,550 shares of the company were exchanged, compared to its average volume of 2,419,636. The stock has a market capitalization of $689.30 million, a P/E ratio of -2.19 and a beta of 2.88. The business’s 50 day simple moving average is $1.67 and its 200-day simple moving average is $1.55. Clear Channel Outdoor Holdings, Inc. has a 1 year low of $0.99 and a 1 year high of $2.06.

Clear Channel Outdoor (NYSE:CCO) last posted its earnings results on Monday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $632.11 million during the quarter, compared to analysts’ expectations of $611.62 million. During the same quarter in the previous year, the business earned $0.24 EPS. As a group, sell-side analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.24 earnings per share for the current year.

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.