Clear Channel Outdoor (NYSE:CCO) Sets New 12-Month High – Time to Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $2.08 and last traded at $2.0550, with a volume of 765568 shares traded. The stock had previously closed at $1.99.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Monday. Wall Street Zen downgraded Clear Channel Outdoor from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Cowen reissued a “buy” rating on shares of Clear Channel Outdoor in a research report on Monday, October 20th. UBS Group set a $2.50 price target on Clear Channel Outdoor in a report on Thursday, September 25th. Finally, Morgan Stanley set a $2.00 price objective on shares of Clear Channel Outdoor in a report on Monday, November 10th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Clear Channel Outdoor currently has an average rating of “Hold” and an average price target of $2.32.

Clear Channel Outdoor Stock Down 1.2%

The firm has a 50-day simple moving average of $1.79 and a 200 day simple moving average of $1.42. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -203.50 and a beta of 2.27.

Clear Channel Outdoor (NYSE:CCO) last announced its earnings results on Thursday, November 6th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $405.64 million for the quarter, compared to analysts’ expectations of $402.03 million.

Institutional Investors Weigh In On Clear Channel Outdoor

Several hedge funds have recently made changes to their positions in CCO. Sanders Morris Harris LLC acquired a new position in Clear Channel Outdoor in the 3rd quarter valued at about $25,000. CWM LLC grew its stake in shares of Clear Channel Outdoor by 97.9% in the 3rd quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 8,248 shares during the last quarter. Burney Co. acquired a new position in shares of Clear Channel Outdoor in the third quarter valued at approximately $32,000. Zacks Investment Management purchased a new stake in shares of Clear Channel Outdoor during the third quarter worth approximately $36,000. Finally, Advisors Capital Management LLC lifted its holdings in shares of Clear Channel Outdoor by 91.7% during the third quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock worth $36,000 after purchasing an additional 11,000 shares during the period. Institutional investors and hedge funds own 85.52% of the company’s stock.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.