Barrington Research Analysts Lift Earnings Estimates for Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Clear Channel Outdoor Holdings, Inc. (NYSE:CCOGet Rating) – Research analysts at Barrington Research lifted their Q3 2023 earnings per share estimates for Clear Channel Outdoor in a research note issued on Tuesday, April 19th. Barrington Research analyst J. Goss now anticipates that the business services provider will post earnings per share of $0.03 for the quarter, up from their previous estimate of $0.02. Barrington Research also issued estimates for Clear Channel Outdoor’s Q4 2023 earnings at $0.14 EPS.

Clear Channel Outdoor (NYSE:CCOGet Rating) last posted its quarterly earnings results on Thursday, February 24th. The business services provider reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.05. The company had revenue of $742.71 million during the quarter, compared to analyst estimates of $740.94 million.

A number of other brokerages have also weighed in on CCO. Zacks Investment Research lowered shares of Clear Channel Outdoor from a “buy” rating to a “hold” rating in a research note on Tuesday, February 15th. StockNews.com initiated coverage on shares of Clear Channel Outdoor in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Morgan Stanley increased their price objective on shares of Clear Channel Outdoor from $3.50 to $3.75 and gave the stock an “equal weight” rating in a research note on Monday, January 24th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $3.50.

Shares of NYSE:CCO opened at $3.15 on Friday. Clear Channel Outdoor has a one year low of $2.03 and a one year high of $4.10. The company has a 50 day moving average of $3.52 and a 200-day moving average of $3.27. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -3.35 and a beta of 2.33.

In other news, Director Lisa Hammitt sold 68,207 shares of the stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $3.72, for a total value of $253,730.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.90% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. CIBC Asset Management Inc raised its position in shares of Clear Channel Outdoor by 17.4% in the 3rd quarter. CIBC Asset Management Inc now owns 21,693 shares of the business services provider’s stock worth $59,000 after acquiring an additional 3,221 shares in the last quarter. Metropolitan Life Insurance Co NY raised its holdings in Clear Channel Outdoor by 5.0% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 80,276 shares of the business services provider’s stock worth $266,000 after purchasing an additional 3,846 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of Clear Channel Outdoor by 10.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 50,470 shares of the business services provider’s stock valued at $167,000 after acquiring an additional 4,800 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Clear Channel Outdoor by 14.6% during the third quarter. Teacher Retirement System of Texas now owns 52,841 shares of the business services provider’s stock valued at $143,000 after acquiring an additional 6,737 shares during the last quarter. Finally, Stratos Wealth Advisors LLC purchased a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 94.22% of the company’s stock.

Clear Channel Outdoor Company Profile (Get Rating)

Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. 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.

Further Reading

Earnings History and Estimates for Clear Channel Outdoor (NYSE:CCO)

Receive News & Ratings for Clear Channel Outdoor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clear Channel Outdoor and related companies with MarketBeat.com's FREE daily email newsletter.