Clear Channel Outdoor (NYSE:CCO) Sets New 52-Week High on Analyst Upgrade

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) hit a new 52-week high on Thursday after Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price target on the stock from $2.20 to $2.50. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell currently has a neutral rating on the stock. Clear Channel Outdoor traded as high as $3.04 and last traded at $2.99, with a volume of 154929 shares traded. The stock had previously closed at $2.83.

A number of other equities research analysts have also recently weighed in on the company. BMO Capital Markets restated a “market perform” rating on shares of Clear Channel Outdoor in a research note on Monday, May 17th. Morgan Stanley increased their price target on Clear Channel Outdoor from $1.50 to $2.50 and gave the company an “equal weight” rating in a research note on Friday, April 30th. Zacks Investment Research cut Clear Channel Outdoor from a “buy” rating to a “hold” rating in a research note on Tuesday, May 11th. Finally, Citigroup increased their price target on Clear Channel Outdoor from $2.20 to $2.50 and gave the company a “neutral” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $4.46.

Institutional investors and hedge funds have recently modified their holdings of the business. AJ Wealth Strategies LLC grew its holdings in Clear Channel Outdoor by 1.2% in the first quarter. AJ Wealth Strategies LLC now owns 1,274,327 shares of the business services provider’s stock valued at $2,294,000 after purchasing an additional 14,620 shares during the period. IndexIQ Advisors LLC lifted its position in shares of Clear Channel Outdoor by 11.5% in the fourth quarter. IndexIQ Advisors LLC now owns 327,260 shares of the business services provider’s stock valued at $540,000 after acquiring an additional 33,789 shares in the last quarter. Swiss National Bank lifted its position in shares of Clear Channel Outdoor by 1.6% in the fourth quarter. Swiss National Bank now owns 792,400 shares of the business services provider’s stock valued at $1,307,000 after acquiring an additional 12,100 shares in the last quarter. BlackRock Inc. lifted its position in shares of Clear Channel Outdoor by 3.1% in the fourth quarter. BlackRock Inc. now owns 15,470,731 shares of the business services provider’s stock valued at $25,526,000 after acquiring an additional 465,656 shares in the last quarter. Finally, Beaconlight Capital LLC purchased a new position in shares of Clear Channel Outdoor in the fourth quarter valued at approximately $1,166,000. 94.82% of the stock is currently owned by institutional investors.

The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -1.97 and a beta of 2.63. The company’s 50-day moving average is $2.28.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings data 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 company had revenue of $370.91 million during the quarter, compared to analysts’ expectations of $367.85 million. As a group, sell-side analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.73 EPS for the current year.

Clear Channel Outdoor Company Profile (NYSE:CCO)

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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