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

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $2.26 and last traded at $2.2150, with a volume of 86735 shares. The stock had previously closed at $2.21.

Analyst Ratings Changes

Several research firms have commented on CCO. TD Cowen boosted their price target on shares of Clear Channel Outdoor from $2.50 to $2.80 and gave the stock a “buy” rating in a report on Monday, October 20th. Zacks Research lowered shares of Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 13th. Morgan Stanley set a $2.00 target price on Clear Channel Outdoor in a research note on Monday, November 10th. Citigroup lifted their price target on shares of Clear Channel Outdoor from $1.35 to $2.10 and gave the company a “neutral” rating in a research report on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Clear Channel Outdoor has a consensus rating of “Hold” and an average target price of $2.32.

Clear Channel Outdoor Stock Performance

The stock has a market cap of $1.10 billion, a PE ratio of -221.50 and a beta of 2.26. The stock has a 50 day moving average of $1.98 and a two-hundred day moving average of $1.53.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings data on Thursday, November 6th. The business services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $405.64 million for the quarter, compared to analyst estimates of $402.03 million.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds have recently made changes to their positions in CCO. Anson Funds Management LP boosted its stake in Clear Channel Outdoor by 0.5% in the 3rd quarter. Anson Funds Management LP now owns 18,238,327 shares of the business services provider’s stock valued at $28,817,000 after purchasing an additional 84,203 shares during the period. Gamco Investors INC. ET AL grew its position in Clear Channel Outdoor by 5.1% during the third quarter. Gamco Investors INC. ET AL now owns 7,349,875 shares of the business services provider’s stock worth $11,613,000 after buying an additional 357,700 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Clear Channel Outdoor by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider’s stock valued at $7,927,000 after purchasing an additional 59,366 shares during the period. Millennium Management LLC raised its stake in shares of Clear Channel Outdoor by 22.9% during the first 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. Finally, Franklin Resources Inc. grew its position in shares of Clear Channel Outdoor by 12.7% in the 2nd quarter. Franklin Resources Inc. now owns 4,437,527 shares of the business services provider’s stock worth $5,192,000 after buying an additional 498,318 shares during the last quarter. 85.52% of the stock is owned by institutional investors.

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.