Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Receives Consensus Recommendation of “Reduce” from Analysts

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has received a consensus rating of “Reduce” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $2.2920.

Several equities analysts have issued reports on the company. 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 report on Monday, April 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Friday, March 27th. Finally, Wells Fargo & Company raised their price target on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research note on Friday, February 27th.

Clear Channel Outdoor Stock Down 0.2%

Shares of CCO opened at $2.40 on Wednesday. The stock has a 50 day moving average price of $2.39 and a 200 day moving average price of $2.26. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.31 and a beta of 1.96. Clear Channel Outdoor has a 52-week low of $1.00 and a 52-week high of $2.43.

Clear Channel Outdoor (NYSE:CCO) last posted its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $373.86 million for the quarter, compared to analysts’ expectations of $348.71 million. On average, equities analysts anticipate that Clear Channel Outdoor will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of institutional investors have recently modified their holdings of CCO. Anson Funds Management LP boosted its stake in Clear Channel Outdoor by 8.8% during the 4th quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider’s stock worth $43,852,000 after purchasing an additional 1,604,125 shares during the period. Gamco Investors INC. ET AL boosted its stake in shares of Clear Channel Outdoor by 11.8% during the first quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock worth $21,533,000 after buying an additional 959,400 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Clear Channel Outdoor by 3.9% during the fourth quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider’s stock worth $15,467,000 after buying an additional 260,716 shares during the last quarter. Charles Schwab Investment Management Inc. increased 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 acquiring an additional 582,007 shares during the period. Finally, Millennium Management LLC raised its stake in Clear Channel Outdoor by 22.9% during 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 acquiring an additional 912,632 shares during the last quarter. 85.52% of the stock is owned by institutional investors and hedge funds.

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.