Wall Street brokerages expect Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) to announce $425.89 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Clear Channel Outdoor’s earnings, with estimates ranging from $410.47 million to $441.31 million. Clear Channel Outdoor posted sales of $653.45 million during the same quarter last year, which suggests a negative year-over-year growth rate of 34.8%. The business is scheduled to report its next earnings results before the market opens on Monday, November 9th.
On average, analysts expect that Clear Channel Outdoor will report full year sales of $1.85 billion for the current fiscal year, with estimates ranging from $1.80 billion to $1.90 billion. For the next financial year, analysts anticipate that the company will post sales of $2.20 billion, with estimates ranging from $2.11 billion to $2.31 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Clear Channel Outdoor.
Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Friday, August 7th. The business services provider reported ($0.30) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.07. The firm had revenue of $314.91 million during the quarter, compared to the consensus estimate of $378.53 million.
A number of research firms have recently issued reports on CCO. Royal Bank of Canada cut their price objective on Clear Channel Outdoor from $15.00 to $14.00 and set a “sector perform” rating for the company in a report on Thursday, July 30th. Barrington Research reaffirmed a “hold” rating on shares of Clear Channel Outdoor in a research report on Friday, August 14th. Zacks Investment Research lowered Clear Channel Outdoor from a “hold” rating to a “sell” rating in a research report on Tuesday, October 13th. Finally, Citigroup raised Clear Channel Outdoor from a “neutral” rating to a “buy” rating and upped their price target for the company from $0.90 to $1.60 in a research report on Wednesday, June 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $4.98.
Several large investors have recently made changes to their positions in CCO. Bank of New York Mellon Corp raised its position in shares of Clear Channel Outdoor by 7.5% in the 1st quarter. Bank of New York Mellon Corp now owns 407,208 shares of the business services provider’s stock worth $261,000 after acquiring an additional 28,446 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Clear Channel Outdoor by 6.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,868,644 shares of the business services provider’s stock worth $1,196,000 after acquiring an additional 107,000 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Clear Channel Outdoor by 6.3% in the 1st quarter. Geode Capital Management LLC now owns 3,200,484 shares of the business services provider’s stock worth $2,048,000 after acquiring an additional 188,981 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Clear Channel Outdoor by 5.3% in the 1st quarter. Gabelli Funds LLC now owns 3,717,594 shares of the business services provider’s stock worth $2,379,000 after acquiring an additional 187,488 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Clear Channel Outdoor by 101.5% in the 1st quarter. Two Sigma Advisers LP now owns 68,900 shares of the business services provider’s stock worth $44,000 after acquiring an additional 34,700 shares in the last quarter. 95.48% of the stock is owned by hedge funds and other institutional investors.
Clear Channel Outdoor stock traded up $0.02 during midday trading on Thursday, hitting $1.03. 930,870 shares of the company’s stock were exchanged, compared to its average volume of 2,714,672. Clear Channel Outdoor has a 52-week low of $0.36 and a 52-week high of $3.10. The stock has a 50-day moving average price of $1.15 and a two-hundred day moving average price of $1.01. The company has a market cap of $481.35 million, a P/E ratio of -0.79 and a beta of 2.10.
About Clear Channel Outdoor
Clear Channel Outdoor Holdings, Inc, an outdoor advertising company, owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas Outdoor Advertising and International Outdoor Advertising. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures; and retail and other small displays.
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