Zacks Investment Research Downgrades Clear Channel Outdoor Holdings Inc. (CCO) to Strong Sell
According to Zacks, “Clear Channel Outdoor Holdings, based in San Antonio, TX, is a global leader in outdoor advertising displays in countries across continents. In the United States, the company operates advertising displays and has a presence of the top DMA regions. It manages a large portion of Spectacular Displays in Times Square as well as Airport, Taxi and Mall advertising worldwide. Adshel is the company’s International street furniture division. “
A number of other brokerages have also recently issued reports on CCO. TheStreet raised Clear Channel Outdoor Holdings from a sell rating to a hold rating in a report on Thursday, June 9th. Loop Capital started coverage on Clear Channel Outdoor Holdings in a report on Monday, September 12th. They issued a sell rating and a $5.50 price target on the stock. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of Sell and an average target price of $5.00.
Clear Channel Outdoor Holdings (NYSE:CCO) opened at 5.84 on Tuesday. The company has a 50 day moving average price of $6.45 and a 200-day moving average price of $5.98. Clear Channel Outdoor Holdings has a 1-year low of $2.97 and a 1-year high of $7.75. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 292.00 and a beta of 1.49.
Clear Channel Outdoor Holdings (NYSE:CCO) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.22. The company had revenue of $712.15 million for the quarter, compared to analysts’ expectations of $721.57 million. Clear Channel Outdoor Holdings had a negative return on equity of 3.04% and a net margin of 0.25%. On average, analysts forecast that Clear Channel Outdoor Holdings will post $0.26 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in Clear Channel Outdoor Holdings by 2.9% in the second quarter. JPMorgan Chase & Co. now owns 5,618,649 shares of the company’s stock valued at $34,948,000 after buying an additional 159,764 shares during the last quarter. Blackstone Group L.P. raised its position in shares of Clear Channel Outdoor Holdings by 14.3% in the second quarter. Blackstone Group L.P. now owns 2,295,055 shares of the company’s stock valued at $14,275,000 after buying an additional 286,767 shares during the period. State Street Corp raised its position in shares of Clear Channel Outdoor Holdings by 2.4% in the first quarter. State Street Corp now owns 668,733 shares of the company’s stock valued at $3,145,000 after buying an additional 15,521 shares during the period. Renaissance Technologies LLC raised its position in shares of Clear Channel Outdoor Holdings by 2.2% in the first quarter. Renaissance Technologies LLC now owns 649,100 shares of the company’s stock valued at $3,051,000 after buying an additional 13,708 shares during the period. Finally, Brookfield Asset Management Inc. purchased a new position in shares of Clear Channel Outdoor Holdings during the first quarter valued at approximately $2,728,000. 9.32% of the stock is currently owned by hedge funds and other institutional investors.
Clear Channel Outdoor Holdings Company Profile
Clear Channel Outdoor Holdings, Inc is an outdoor advertising company. The Company owns and operates billboards, street furniture displays, transit displays and other out-of-home advertising displays, such as wallscapes and spectaculars. It operates in two segments: Americas outdoor advertising (Americas) and International outdoor advertising (International).
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