Clear Channel Outdoor (NYSE:CCO) Hits New 12-Month High – Here’s What Happened

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price reached a new 52-week high on Friday . The stock traded as high as $2.10 and last traded at $2.0840, with a volume of 36520 shares. The stock had previously closed at $2.06.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. UBS Group set a $2.50 price objective on Clear Channel Outdoor in a research report on Thursday, September 25th. Wells Fargo & Company raised their price target on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 12th. Cowen reissued a “buy” rating on shares of Clear Channel Outdoor in a report on Monday, October 20th. Wall Street Zen lowered shares of Clear Channel Outdoor from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, TD Cowen lifted their price target on shares of Clear Channel Outdoor from $2.50 to $2.80 and gave the company a “buy” rating in a research report on Monday, October 20th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.32.

Clear Channel Outdoor Trading Up 1.7%

The company’s 50-day moving average is $1.86 and its 200-day moving average is $1.45. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -209.50 and a beta of 2.27.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Thursday, November 6th. The business services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $405.64 million for the quarter, compared to the consensus estimate of $402.03 million.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Catalyst Funds Management Pty Ltd bought a new stake in shares of Clear Channel Outdoor in the 2nd quarter valued at about $218,000. Gamco Investors INC. ET AL raised its position in shares of Clear Channel Outdoor by 16.1% during the second quarter. Gamco Investors INC. ET AL now owns 6,992,175 shares of the business services provider’s stock worth $8,181,000 after acquiring an additional 968,225 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Clear Channel Outdoor in the second quarter worth approximately $579,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Clear Channel Outdoor in the second quarter valued at approximately $3,510,000. Finally, XTX Topco Ltd increased its position in Clear Channel Outdoor by 619.3% during the 2nd quarter. XTX Topco Ltd now owns 725,982 shares of the business services provider’s stock valued at $849,000 after purchasing an additional 625,053 shares during the period. 85.52% of the stock is currently owned by institutional investors.

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.