Clear Channel Outdoor (NYSE:CCO) Reaches New 12-Month High – Time to Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $2.39 and last traded at $2.3850, with a volume of 232515 shares trading hands. The stock had previously closed at $2.39.

Analyst Ratings Changes

A number of research firms recently weighed in on CCO. Wells Fargo & Company upped their price target on Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 12th. Wall Street Zen cut shares of Clear Channel Outdoor from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. 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 price target on shares of Clear Channel Outdoor in a research report on Monday, November 10th. Finally, Citigroup boosted their price objective on Clear Channel Outdoor from $1.35 to $2.10 and gave the stock a “neutral” rating in a research note on Wednesday, October 29th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $2.27.

Clear Channel Outdoor Stock Performance

The stock’s 50 day simple moving average is $2.14 and its two-hundred day simple moving average is $1.75. The firm has a market capitalization of $1.19 billion, a PE ratio of -238.50 and a beta of 2.31.

Institutional Trading of Clear Channel Outdoor

Several large investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. purchased a new stake in shares of Clear Channel Outdoor in the third quarter valued at about $1,501,000. Catalyst Funds Management Pty Ltd purchased a new stake in shares of Clear Channel Outdoor in the 2nd quarter valued at approximately $218,000. Gamco Investors INC. ET AL increased its holdings in shares of Clear Channel Outdoor by 16.1% during the 2nd quarter. Gamco Investors INC. ET AL now owns 6,992,175 shares of the business services provider’s stock worth $8,181,000 after buying an additional 968,225 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Clear Channel Outdoor during the 2nd quarter valued at approximately $579,000. Finally, Squarepoint Ops LLC lifted its holdings in Clear Channel Outdoor by 4,516.1% in the second quarter. Squarepoint Ops LLC now owns 548,946 shares of the business services provider’s stock valued at $642,000 after acquiring an additional 537,054 shares during the last quarter. 85.52% of the stock is currently owned by hedge funds and other 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.