Brokerages expect that Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) will report sales of $496.49 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Clear Channel Outdoor's earnings, with the lowest sales estimate coming in at $488.49 million and the highest estimate coming in at $504.48 million. Clear Channel Outdoor reported sales of $314.91 million during the same quarter last year, which indicates a positive year-over-year growth rate of 57.7%. The company is expected to report its next quarterly earnings results on Friday, August 6th.
On average, analysts expect that Clear Channel Outdoor will report full-year sales of $2.08 billion for the current fiscal year, with estimates ranging from $2.04 billion to $2.13 billion. For the next year, analysts anticipate that the company will post sales of $2.39 billion, with estimates ranging from $2.33 billion to $2.51 billion. Zacks Investment Research's sales averages are a mean average based on a survey of sell-side research firms that cover Clear Channel Outdoor.
Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results on Sunday, May 9th. The business services provider reported ($0.60) EPS for the quarter, missing the Zacks' consensus estimate of ($0.35) by ($0.25). The business had revenue of $370.91 million during the quarter, compared to analyst estimates of $367.85 million.
A number of equities research analysts have commented on CCO shares. Zacks Investment Research cut Clear Channel Outdoor from a "buy" rating to a "hold" rating in a report on Tuesday, May 11th. BMO Capital Markets reissued a "market perform" rating on shares of Clear Channel Outdoor in a report on Monday, May 17th. Citigroup lifted their target price on Clear Channel Outdoor from $2.20 to $2.50 and gave the stock a "neutral" rating in a report on Thursday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on Clear Channel Outdoor from $2.20 to $2.50 and gave the stock a "neutral" rating in a report on Thursday. Finally, Morgan Stanley lifted their target price on Clear Channel Outdoor from $2.50 to $3.00 and gave the stock an "equal weight" rating in a report on Friday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. Clear Channel Outdoor has an average rating of "Hold" and an average price target of $4.54.
NYSE:CCO opened at $2.98 on Friday. The firm's 50-day simple moving average is $2.31. The company has a market capitalization of $1.40 billion, a PE ratio of -2.18 and a beta of 2.63. Clear Channel Outdoor has a 52 week low of $0.86 and a 52 week high of $3.05.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CCO. Cambridge Investment Research Advisors Inc. grew its position in Clear Channel Outdoor by 44.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 14,400 shares of the business services provider's stock worth $26,000 after acquiring an additional 4,400 shares in the last quarter. Capula Management Ltd purchased a new position in Clear Channel Outdoor in the first quarter worth about $33,000. Centiva Capital LP grew its position in Clear Channel Outdoor by 32.1% in the first quarter. Centiva Capital LP now owns 22,515 shares of the business services provider's stock worth $41,000 after acquiring an additional 5,468 shares in the last quarter. Close Asset Management Ltd purchased a new position in Clear Channel Outdoor in the first quarter worth about $52,000. Finally, Teacher Retirement System of Texas grew its position in Clear Channel Outdoor by 60.1% in the fourth quarter. Teacher Retirement System of Texas now owns 32,074 shares of the business services provider's stock worth $53,000 after acquiring an additional 12,040 shares in the last quarter. Institutional investors own 94.82% of the company's stock.
Clear Channel Outdoor Company Profile
Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures; and retail and other small displays.
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