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

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) have been assigned an average rating of “Reduce” from the seven analysts that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $2.2920.

Several research analysts recently issued reports on the stock. TD Cowen reiterated a “hold” rating and issued a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a research report on Monday, April 6th. Wells Fargo & Company upped their target price on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Friday, March 27th.

Clear Channel Outdoor Price Performance

CCO opened at $2.39 on Friday. The company has a fifty day moving average price of $2.38 and a 200-day moving average price of $2.19. The firm has a market capitalization of $1.21 billion, a P/E ratio of -13.25 and a beta of 1.99. Clear Channel Outdoor has a one year low of $1.00 and a one year high of $2.43.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Benefit Street Partners LLC bought a new stake in Clear Channel Outdoor in the fourth quarter worth $3,310,000. Polar Asset Management Partners Inc. bought a new stake in Clear Channel Outdoor in the third quarter worth $948,000. Contrarian Capital Management L.L.C. lifted its stake in Clear Channel Outdoor by 73.6% in the third quarter. Contrarian Capital Management L.L.C. now owns 2,521,871 shares of the business services provider’s stock worth $3,985,000 after purchasing an additional 1,069,257 shares during the last quarter. EVR Research LP bought a new stake in Clear Channel Outdoor in the third quarter worth $3,950,000. Finally, Cove Street Capital LLC lifted its stake in Clear Channel Outdoor by 59.9% in the third quarter. Cove Street Capital LLC now owns 1,642,567 shares of the business services provider’s stock worth $2,595,000 after purchasing an additional 615,451 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.