Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Stock Has Average Target Price of $2.24 According to Analysts

Key Points

• Analysts maintain a “Hold” consensus on Clear Channel Outdoor, with all five covering brokerages issuing hold ratings and an average 12-month price target of $2.24.
• Institutional investors own 85.52% of the company, while several hedge funds recently initiated small positions in CCO.
• CCO shares opened at $2.42, near their 52-week high of $2.44. The company matched quarterly EPS estimates at a loss of $0.01 while revenue of $438.04 million exceeded expectations.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) has been given an average rating of "Hold" by the five brokerages that are presently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold rating. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $2.24.

Separately, Weiss Ratings upgraded Clear Channel Outdoor from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday.

Institutional Trading of Clear Channel Outdoor

Several hedge funds have recently made changes to their positions in CCO. CTC Alternative Strategies Ltd. purchased a new stake in shares of Clear Channel Outdoor during the 1st quarter valued at approximately $32,000. Quantbot Technologies LP purchased a new position in Clear Channel Outdoor in the 2nd quarter valued at approximately $33,000. Transmarket Holdings LP bought a new stake in Clear Channel Outdoor during the 1st quarter valued at $36,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Clear Channel Outdoor during the 2nd quarter valued at $39,000. Finally, Rangeley Capital LLC purchased a new stake in shares of Clear Channel Outdoor during the first quarter worth $44,000. 85.52% of the stock is currently owned by institutional investors.

Clear Channel Outdoor Stock Performance

Shares of CCO stock opened at $2.42 on Tuesday. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -11.55 and a beta of 2.01. Clear Channel Outdoor has a 52 week low of $1.27 and a 52 week high of $2.44. The firm's 50-day simple moving average is $2.38 and its two-hundred day simple moving average is $2.39.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its earnings results on Tuesday, August 4th. The business services provider reported ($0.01) earnings per share for the quarter, meeting 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. Analysts forecast that Clear Channel Outdoor will post -0.05 earnings per share for the current year.

Clear Channel Outdoor Company Profile

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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