Wall Street Zen Upgrades Clear Channel Outdoor (NYSE:CCO) to "Hold"

Key Points

• Clear Channel Outdoor was upgraded to “Hold” by Wall Street Zen, while Weiss Ratings also raised its rating from “Sell (D+)” to “Hold (C-).” MarketBeat reports a consensus “Hold” rating and an average price target of $2.24.
• CCO shares rose 0.4% to open at $2.43, near the company’s 52-week high of $2.46. The company reported quarterly revenue of $438.04 million, above the $423.62 million analyst estimate, while meeting expectations with an EPS loss of $0.01.
• Institutional ownership stands at 85.52%, with BlackRock and Glazer Capital among investors establishing new positions and Gamco Investors and Gabelli Funds increasing their stakes.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) was upgraded by research analysts at Wall Street Zen to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings raised Clear Channel Outdoor from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, October 9th. Five analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $2.24.

Clear Channel Outdoor Trading Up 0.4%

Shares of Clear Channel Outdoor stock opened at $2.43 on Friday. The company has a market cap of $1.24 billion, a P/E ratio of -11.57 and a beta of 2.01. Clear Channel Outdoor has a 1-year low of $1.36 and a 1-year high of $2.46. The business has a 50-day moving average price of $2.38 and a two-hundred day moving average price of $2.39.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.01). The company had revenue of $438.04 million for the quarter, compared to the consensus estimate of $423.62 million. Equities research analysts forecast that Clear Channel Outdoor will post -0.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Clear Channel Outdoor

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Clear Channel Outdoor in the second quarter worth approximately $73,669,000. Glazer Capital LLC bought a new stake in shares of Clear Channel Outdoor in the 2nd quarter worth $29,763,000. Gamco Investors INC. ET AL raised its stake in shares of Clear Channel Outdoor by 11.8% in the first quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider's stock worth $21,533,000 after purchasing an additional 959,400 shares during the last quarter. Man Group plc purchased a new position in shares of Clear Channel Outdoor in the second quarter worth $12,056,000. Finally, Gabelli Funds LLC raised its position in Clear Channel Outdoor by 19.7% in the 1st quarter. Gabelli Funds LLC now owns 4,092,227 shares of the business services provider's stock worth $9,699,000 after buying an additional 673,227 shares during the last quarter. Institutional investors own 85.52% of the company's stock.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc is an outdoor advertising company that provides brands and agencies with advertising space across physical and digital media formats. Its portfolio includes traditional and digital billboards, street furniture, transit displays, airport advertising, and other out-of-home media assets.

The company sells advertising inventory in high-traffic locations, including roadside corridors, urban centers, transportation hubs, and airports. Its digital displays allow advertisers to deliver flexible, time-sensitive campaigns, while its traditional displays support longer-term brand and local advertising initiatives.

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