Clear Channel Outdoor (NYSE:CCO) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Clear Channel Outdoor (NYSE:CCO) posted its quarterly earnings results on Thursday. The business services provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01, FiscalAI reports. The company had revenue of $461.52 million during the quarter, compared to the consensus estimate of $449.10 million.

Clear Channel Outdoor Stock Down 0.2%

NYSE:CCO traded down $0.01 during midday trading on Thursday, hitting $2.40. The company had a trading volume of 2,055,360 shares, compared to its average volume of 5,919,425. The stock’s fifty day moving average price is $2.19 and its 200-day moving average price is $1.81. Clear Channel Outdoor has a 52-week low of $0.81 and a 52-week high of $2.43. The company has a market capitalization of $1.19 billion, a PE ratio of -239.50 and a beta of 2.31.

Institutional Trading of Clear Channel Outdoor

Hedge funds have recently added to or reduced their stakes in the business. Anson Funds Management LP boosted its position 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 valued at $43,852,000 after buying an additional 1,604,125 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Clear Channel Outdoor by 3.9% in the fourth quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider’s stock worth $15,467,000 after purchasing an additional 260,716 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Clear Channel Outdoor by 12.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,389,630 shares of the business services provider’s stock worth $11,911,000 after purchasing an additional 582,007 shares during the last quarter. Millennium Management LLC increased its holdings 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 purchasing an additional 912,632 shares during the period. Finally, Barclays PLC raised its position in Clear Channel Outdoor by 3,017.0% during the 3rd quarter. Barclays PLC now owns 4,109,743 shares of the business services provider’s stock valued at $6,493,000 after purchasing an additional 3,977,895 shares during the last quarter. 85.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CCO shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday, December 29th. Citigroup boosted their target price on shares of Clear Channel Outdoor from $1.35 to $2.10 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. Morgan Stanley set a $2.00 price target on shares of Clear Channel Outdoor in a research note on Monday, November 10th. Wall Street Zen downgraded Clear Channel Outdoor from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, TD Cowen set a $2.50 price objective on Clear Channel Outdoor in a report on Tuesday, February 10th. 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.com, the stock currently has an average rating of “Reduce” and a consensus target price of $2.22.

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.