Clear Channel Outdoor (NYSE:CCO) Downgraded to “Market Perform” Rating by Barrington Research

Clear Channel Outdoor (NYSE:CCO) was downgraded by analysts at Barrington Research from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports.

Clear Channel Outdoor Price Performance

NYSE CCO opened at $1.02 on Wednesday. The stock has a market capitalization of $499.86 million, a P/E ratio of -3.52 and a beta of 2.72. The firm’s 50-day moving average is $1.13 and its two-hundred day moving average is $1.36. Clear Channel Outdoor has a 12 month low of $0.81 and a 12 month high of $1.88.

Insider Activity at Clear Channel Outdoor

In other news, major shareholder Arturo R. Moreno purchased 29,289 shares of the stock in a transaction dated Monday, April 21st. The stock was acquired at an average cost of $0.94 per share, for a total transaction of $27,531.66. Following the completion of the transaction, the insider now directly owns 61,445,196 shares in the company, valued at approximately $57,758,484.24. This represents a 0.05 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders purchased 7,122,655 shares of company stock worth $6,833,380. Insiders own 1.53% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds have recently bought and sold shares of CCO. Graham Capital Management L.P. purchased a new stake in Clear Channel Outdoor during the fourth quarter worth about $36,000. Cibc World Markets Corp purchased a new stake in Clear Channel Outdoor during the 4th quarter worth approximately $45,000. KLP Kapitalforvaltning AS acquired a new stake in Clear Channel Outdoor during the 4th quarter worth approximately $53,000. Jacksonville Wealth Management LLC purchased a new position in Clear Channel Outdoor in the 4th quarter valued at approximately $62,000. Finally, Brevan Howard Capital Management LP acquired a new position in shares of Clear Channel Outdoor in the fourth quarter worth $92,000. 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.