Brokerages Anticipate Clear Channel Outdoor Holdings, Inc. (CCO) Will Post Quarterly Sales of $718.86 Million
Equities analysts expect Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) to announce $718.86 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Clear Channel Outdoor’s earnings, with the highest sales estimate coming in at $728.00 million and the lowest estimate coming in at $709.72 million. Clear Channel Outdoor posted sales of $726.47 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 1%. The firm is expected to issue its next quarterly earnings report on Thursday, February 22nd.
On average, analysts expect that Clear Channel Outdoor will report full-year sales of $718.86 million for the current fiscal year, with estimates ranging from $2.57 billion to $2.59 billion. For the next year, analysts anticipate that the firm will report sales of $2.63 billion per share, with estimates ranging from $2.61 billion to $2.66 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Clear Channel Outdoor.
CCO has been the topic of several research reports. Zacks Investment Research lowered Clear Channel Outdoor from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. ValuEngine upgraded Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, October 13th. Loop Capital cut their price target on Clear Channel Outdoor from $5.00 to $4.00 and set a “hold” rating on the stock in a research note on Thursday, November 9th. Finally, Scotiabank restated a “sell” rating and set a $12.00 price target on shares of Clear Channel Outdoor in a research note on Monday, December 4th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.94.
Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Clear Channel Outdoor by 5.6% during the second quarter. JPMorgan Chase & Co. now owns 5,696,145 shares of the business services provider’s stock valued at $27,626,000 after buying an additional 300,142 shares during the period. Vanguard Group Inc. grew its stake in Clear Channel Outdoor by 12.5% in the second quarter. Vanguard Group Inc. now owns 3,116,152 shares of the business services provider’s stock valued at $15,114,000 after purchasing an additional 346,755 shares during the last quarter. Blackstone Group L.P. grew its stake in Clear Channel Outdoor by 37.3% in the third quarter. Blackstone Group L.P. now owns 1,198,257 shares of the business services provider’s stock valued at $5,572,000 after purchasing an additional 325,257 shares during the last quarter. Alta Fundamental Advisers LLC purchased a new position in Clear Channel Outdoor in the second quarter valued at about $2,636,000. Finally, Schwab Charles Investment Management Inc. grew its stake in Clear Channel Outdoor by 73.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 147,806 shares of the business services provider’s stock valued at $717,000 after purchasing an additional 62,769 shares during the last quarter. Hedge funds and other institutional investors own 9.47% of the company’s stock.
Clear Channel Outdoor (CCO) traded up $0.10 during trading hours on Thursday, hitting $4.90. The stock had a trading volume of 71,059 shares, compared to its average volume of 215,117. Clear Channel Outdoor has a fifty-two week low of $3.35 and a fifty-two week high of $6.35. The company has a market capitalization of $1,783.52, a P/E ratio of 245.00 and a beta of 1.70. The company has a debt-to-equity ratio of -4.10, a quick ratio of 1.47 and a current ratio of 1.47.
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About Clear Channel Outdoor
Clear Channel Outdoor Holdings, Inc is an outdoor advertising company. The Company provides clients with advertising opportunities through billboards, street furniture displays, transit displays and other out-of-home advertising displays, such as wallscapes and spectaculars. Its segments include Americas outdoor advertising (Americas) and International outdoor advertising (International).
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