CLEAR CHANNEL O/SH (NYSE:CCO) Rating Lowered to Peer Perform at Wolfe Research

CLEAR CHANNEL O/SH (NYSE:CCO) was downgraded by Wolfe Research from an “outperform” rating to a “peer perform” rating in a report released on Thursday, Marketbeat.com reports.

A number of other brokerages also recently weighed in on CCO. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Barrington Research reaffirmed a “buy” rating and set a $6.50 target price on shares of CLEAR CHANNEL O/SH in a research note on Monday, April 29th. TheStreet raised shares of Rent-A-Center from a “c” rating to a “b-” rating in a research note on Tuesday, May 7th. Finally, Zacks Investment Research downgraded shares of First Merchants from a “hold” rating to a “sell” rating in a research note on Monday, July 1st. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $10.00.

Shares of NYSE CCO opened at $4.46 on Thursday. CLEAR CHANNEL O/SH has a fifty-two week low of $4.30 and a fifty-two week high of $6.38. The firm’s 50 day simple moving average is $4.94.

CLEAR CHANNEL O/SH (NYSE:CCO) last announced its earnings results on Thursday, April 25th. The business services provider reported ($0.43) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.23). The business had revenue of $587.12 million for the quarter, compared to analyst estimates of $584.92 million. On average, equities research analysts expect that CLEAR CHANNEL O/SH will post -0.6 EPS for the current fiscal year.

In related news, CEO Christopher William Eccleshare sold 82,453 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $5.16, for a total transaction of $425,457.48. Following the completion of the sale, the chief executive officer now owns 984,712 shares of the company’s stock, valued at $5,081,113.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Pacific Investment Management sold 1,201,851 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $5.05, for a total transaction of $6,069,347.55. The disclosure for this sale can be found here. Insiders have sold 1,285,304 shares of company stock valued at $6,500,205 in the last three months. 4.70% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc grew its position in CLEAR CHANNEL O/SH by 56.4% in the 4th quarter. Legal & General Group Plc now owns 8,116 shares of the business services provider’s stock worth $42,000 after purchasing an additional 2,927 shares during the period. BNP Paribas Arbitrage SA grew its position in CLEAR CHANNEL O/SH by 288.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 8,694 shares of the business services provider’s stock worth $47,000 after purchasing an additional 6,458 shares during the period. Jane Street Group LLC bought a new stake in CLEAR CHANNEL O/SH in the 4th quarter worth approximately $63,000. Metropolitan Life Insurance Co. NY bought a new stake in CLEAR CHANNEL O/SH in the 4th quarter worth approximately $70,000. Finally, Corient Capital Partners LLC bought a new stake in CLEAR CHANNEL O/SH in the 1st quarter worth approximately $71,000. 8.92% of the stock is owned by institutional investors.

About CLEAR CHANNEL O/SH

Clear Channel Outdoor Holdings, Inc, an outdoor advertising company, owns and operates advertising display faces in the United States and internationally. It operates through two segments, Americas Outdoor Advertising and International Outdoor Advertising. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; and other displays comprising spectaculars and wallscapes, as well as retail and other small displays.

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