Clear Channel Outdoor (NYSE:CCO) Reaches New 1-Year High – Here’s What Happened

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares reached a new 52-week high during trading on Wednesday. The stock traded as high as $2.45 and last traded at $2.4250, with a volume of 14,956 shares traded. The stock had previously closed at $2.43.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Clear Channel Outdoor from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 9th. Five research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.24.

Clear Channel Outdoor Stock Performance

The firm has a market capitalization of $1.24 billion, a P/E ratio of -11.57 and a beta of 2.01. The business’s fifty day moving average price is $2.38 and its two-hundred day moving average price is $2.39.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The firm had revenue of $438.04 million for the quarter, compared to the consensus estimate of $423.62 million. Sell-side analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current year.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new stake in shares of Clear Channel Outdoor in the 2nd quarter worth $2,580,000. Readystate Asset Management LP purchased a new position in Clear Channel Outdoor during the 2nd quarter worth $4,206,000. Glazer Capital LLC purchased a new position in Clear Channel Outdoor during the 2nd quarter worth $29,763,000. Groupe la Francaise increased its position in Clear Channel Outdoor by 55.0% during the 2nd quarter. Groupe la Francaise now owns 1,971,103 shares of the business services provider’s stock valued at $4,770,000 after buying an additional 699,163 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new position in Clear Channel Outdoor during the 2nd quarter valued at about $2,330,000. 85.52% of the stock is owned by institutional investors and hedge funds.

About Clear Channel Outdoor

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.