Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Receives $2.29 Average PT from Analysts

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has been assigned an average rating of “Reduce” from the seven analysts that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $2.2920.

A number of equities analysts recently weighed in on CCO shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Friday, March 27th. TD Cowen reaffirmed a “hold” rating and set a $2.43 price objective (down from $2.50) on shares of Clear Channel Outdoor in a research report on Monday, April 6th. Finally, Wells Fargo & Company increased their price objective on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research report on Friday, February 27th.

Insider Buying and Selling at Clear Channel Outdoor

In related news, Director Raymond T. White sold 23,435,796 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the completion of the transaction, the director owned 187,371 shares of the company’s stock, valued at approximately $449,690.40. This trade represents a 99.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of hedge funds have recently made changes to their positions in the stock. Anson Funds Management LP boosted its position in Clear Channel Outdoor by 8.8% in the 4th quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider’s stock valued at $43,852,000 after buying an additional 1,604,125 shares during the period. Gamco Investors INC. ET AL boosted its position in Clear Channel Outdoor by 11.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock valued at $21,533,000 after buying an additional 959,400 shares during the period. JPMorgan Chase & Co. boosted its position in Clear Channel Outdoor by 3.9% in the 4th quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider’s stock valued at $15,467,000 after buying an additional 260,716 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Clear Channel Outdoor by 12.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,389,630 shares of the business services provider’s stock valued at $11,911,000 after buying an additional 582,007 shares during the period. Finally, Millennium Management LLC boosted its position in Clear Channel Outdoor by 22.9% in the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock valued at $5,432,000 after buying an additional 912,632 shares during the period. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Price Performance

Shares of NYSE CCO opened at $2.41 on Wednesday. The company has a 50 day simple moving average of $2.39 and a 200-day simple moving average of $2.28. The company has a market capitalization of $1.22 billion, a P/E ratio of -13.36 and a beta of 1.96. Clear Channel Outdoor has a 1 year low of $1.00 and a 1 year high of $2.43.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $373.86 million for the quarter, compared to analyst estimates of $348.71 million. As a group, research analysts expect that Clear Channel Outdoor will post -0.04 EPS for the current year.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.