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

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) have earned a consensus rating of “Reduce” from the seven research firms that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $2.3060.

A number of brokerages recently weighed in on CCO. Wells Fargo & Company raised their price target on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Monday, December 29th. Finally, TD Cowen set a $2.50 target price on Clear Channel Outdoor in a report on Tuesday, February 10th.

Clear Channel Outdoor Stock Performance

NYSE:CCO opened at $2.38 on Friday. The stock has a market capitalization of $1.18 billion, a PE ratio of 47.51 and a beta of 2.30. Clear Channel Outdoor has a fifty-two week low of $0.81 and a fifty-two week high of $2.43. The company has a fifty day moving average of $2.30 and a two-hundred day moving average of $1.98.

Clear Channel Outdoor (NYSE:CCO) last announced its earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $461.52 million during the quarter, compared to analyst estimates of $449.10 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Clear Channel Outdoor by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock worth $234,000 after purchasing an additional 8,976 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock worth $5,432,000 after buying an additional 912,632 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Clear Channel Outdoor by 0.9% in the second quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider’s stock worth $7,927,000 after buying an additional 59,366 shares in the last quarter. Franklin Resources Inc. boosted its position in Clear Channel Outdoor by 12.7% during the second quarter. Franklin Resources Inc. now owns 4,437,527 shares of the business services provider’s stock worth $5,192,000 after acquiring an additional 498,318 shares during the last quarter. Finally, XTX Topco Ltd boosted its position in Clear Channel Outdoor by 619.3% during the second quarter. XTX Topco Ltd now owns 725,982 shares of the business services provider’s stock worth $849,000 after acquiring an additional 625,053 shares during the last quarter. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Company Profile

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.