Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) have earned a consensus rating of “Reduce” from the seven ratings firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $2.2920.

CCO has been the subject of a number of research analyst reports. TD Cowen reissued a “hold” rating and set a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Friday, March 27th. Finally, Wells Fargo & Company raised their price target on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research note on Friday, February 27th.

Clear Channel Outdoor Price Performance

NYSE:CCO opened at $2.40 on Friday. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.31 and a beta of 1.99. Clear Channel Outdoor has a 1 year low of $1.00 and a 1 year high of $2.43. The business has a 50 day simple moving average of $2.38 and a 200-day simple moving average of $2.21.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings data on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $373.86 million during the quarter, compared to analyst estimates of $348.71 million. As a group, analysts expect that Clear Channel Outdoor will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Clear Channel Outdoor

Institutional investors and hedge funds have recently modified their holdings of the business. Benefit Street Partners LLC bought a new stake in shares of Clear Channel Outdoor during the 4th quarter worth approximately $3,310,000. Polar Asset Management Partners Inc. bought a new stake in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $948,000. Contrarian Capital Management L.L.C. lifted its stake in shares of Clear Channel Outdoor by 73.6% during the 3rd quarter. Contrarian Capital Management L.L.C. now owns 2,521,871 shares of the business services provider’s stock worth $3,985,000 after acquiring an additional 1,069,257 shares during the last quarter. EVR Research LP bought a new stake in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $3,950,000. Finally, Cove Street Capital LLC lifted its stake in shares of Clear Channel Outdoor by 59.9% during the 3rd quarter. Cove Street Capital LLC now owns 1,642,567 shares of the business services provider’s stock worth $2,595,000 after acquiring an additional 615,451 shares during the last quarter. 85.52% of the stock is owned by institutional investors.

About Clear Channel Outdoor

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.