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 on Thursday . The company traded as high as $2.28 and last traded at $2.2450, with a volume of 4829409 shares. The stock had previously closed at $2.03.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CCO shares. Wall Street Zen downgraded Clear Channel Outdoor from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Morgan Stanley set a $2.00 target price on Clear Channel Outdoor in a research note on Monday, November 10th. Citigroup upped their target price on Clear Channel Outdoor from $1.35 to $2.10 and gave the company a “neutral” rating in a report on Wednesday, October 29th. Wells Fargo & Company lifted their price target on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the company an “equal weight” rating in a report on Wednesday, November 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $2.32.

Clear Channel Outdoor Trading Up 10.6%

The company has a market cap of $1.12 billion, a PE ratio of -224.50 and a beta of 2.26. The stock has a 50 day moving average price of $2.06 and a 200 day moving average price of $1.65.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings data 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 firm had revenue of $405.64 million during the quarter, compared to the consensus estimate of $402.03 million.

Institutional Investors Weigh In On Clear Channel Outdoor

Hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new stake in Clear Channel Outdoor during the 3rd quarter valued at about $1,501,000. Catalyst Funds Management Pty Ltd purchased a new position in Clear Channel Outdoor in the second quarter worth about $218,000. Gamco Investors INC. ET AL lifted its stake in shares of Clear Channel Outdoor by 16.1% in the second quarter. Gamco Investors INC. ET AL now owns 6,992,175 shares of the business services provider’s stock worth $8,181,000 after buying an additional 968,225 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Clear Channel Outdoor during the second quarter valued at approximately $579,000. Finally, Squarepoint Ops LLC increased its position in shares of Clear Channel Outdoor by 4,516.1% during the second quarter. Squarepoint Ops LLC now owns 548,946 shares of the business services provider’s stock valued at $642,000 after acquiring an additional 537,054 shares in the last quarter. Hedge funds and other institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.