Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Receives Average Recommendation of "Reduce" from Brokerages

Key Points

• Analysts rate Clear Channel Outdoor “Reduce”: One analyst recommends selling while four rate the stock a hold, with an average 12-month price target of $2.2920.
• CCO shares opened at $2.38, near the top of their 52-week range of $1.27 to $2.44. The company met quarterly EPS expectations at a loss of $0.01 per share and reported revenue of $438.04 million, above forecasts.
• Institutional investors own 85.52% of the stock, with several major firms recently increasing or initiating positions, including BlackRock and Glazer Capital.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) has been assigned an average rating of "Reduce" from the five ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $2.2920.

Separately, Weiss Ratings upgraded Clear Channel Outdoor from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Thursday, August 6th.

Clear Channel Outdoor Stock Performance

Shares of CCO opened at $2.38 on Friday. The stock has a market capitalization of $1.21 billion, a PE ratio of -11.36 and a beta of 1.95. The company's fifty day moving average is $2.39 and its 200 day moving average is $2.39. Clear Channel Outdoor has a fifty-two week low of $1.27 and a fifty-two week high of $2.44.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $438.04 million for the quarter, compared to analysts' expectations of $423.62 million. As a group, research analysts forecast that Clear Channel Outdoor will post -0.05 earnings per share for the current year.

Institutional Investors Weigh In On Clear Channel Outdoor

Institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its holdings in Clear Channel Outdoor by 109.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 899,187 shares of the business services provider's stock worth $2,131,000 after acquiring an additional 469,876 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of Clear Channel Outdoor by 11.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider's stock valued at $21,533,000 after purchasing an additional 959,400 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Clear Channel Outdoor in the 2nd quarter worth approximately $73,669,000. Readystate Asset Management LP bought a new position in shares of Clear Channel Outdoor during the second quarter valued at approximately $4,206,000. Finally, Glazer Capital LLC bought a new position in shares of Clear Channel Outdoor during the second quarter valued at approximately $29,763,000. 85.52% of the stock is owned by institutional investors.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc is an out-of-home advertising company that provides businesses and organizations with advertising space across physical and digital displays. Its offerings include traditional and digital billboards, street furniture, transit advertising, airport displays, wallscapes, and other large-format advertising installations.

The company sells advertising campaigns to national, regional, and local advertisers and supports them with audience insights, campaign planning, creative services, and digital-out-of-home capabilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.